JNJ Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

JNJ Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {i} of 1.
Direction: Upside in wave 1.

Details:

We are tracking a potential major bottom forming in Primary wave 2. A clear five-wave move into wave {i} suggests the early stages of an upside trend resumption.

JNJ Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (c) of {ii}.
Direction: Bottom in wave (c).

Details:

We expect a little more downside to complete wave (c), which should then pivot higher. This upward move could either mark the beginning of Minute wave {iii} if the Primary wave 2 bottom is confirmed, or it could be the start of wave {c} of another degree.

JNJ Elliott Wave summary:

This analysis of Johnson & Johnson (JNJ) examines both the daily and 1-hour timeframes using Elliott Wave Theory to outline current market trends and predict future price directions.

Daily chart:
We are monitoring the possible completion of a major corrective Primary wave 2. A clear five-wave impulsive sequence in wave {i} indicates an early trend reversal, pointing towards the beginning of a new bullish cycle.
1-Hour chart:
On the lower time frame, wave {ii} correction appears nearly complete, with wave (c) needing a final push lower. A confirmed bottom could initiate a stronger bullish move into wave {iii}.

Technical analyst: Alessio Barretta.

JNJ Elliott Wave technical analysis [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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