JNJ Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

JNJ Elliott Wave analysis – TradingLounge daily chart

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {v} of 1.
Direction: Upside within wave {v}.
Details: Looking for further upside into wave {v}, as we appear to be missing one leg higher to complete this five-wave move subdivision. Targeting around $180, the end of MG2 as the upside target.

JNJ Elliott Wave analysis – TradingLounge one-hour chart

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave i of (I).
Direction: Upside in wave (I).
Details: We are looking at the subdivision within wave {v}. The price has reached equality in length between waves {ii} and {iv}, which is often a key area of interest for wave {iv} targets. We are awaiting confirmation of further upside.

This analysis of Johnson & Johnson (JNJ) incorporates both the daily and 1-hour charts, utilizing Elliott Wave Theory to assess current market trends and forecast future price movements.

Daily chart: Looking for further upside in wave {v}, as the final leg higher seems to be missing. Targeting $180, which marks the end of MG2. The trend remains bullish until wave {v} is completed.
1-Hour chart: Analyzing the subdivision within wave {v}, with equality in length between waves {ii} and {iv} suggesting wave {iv} is a potential target. Further upside confirmation is awaited.

Technical analyst: Alessio Barretta.

JNJ Elliott Wave analysis – TradingLounge daily chart [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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