JNJ Rally Has Continued, Denying The Ideal Entry
Since the crash of March 2020, all stocks have tried to recover what they lost and JNJ was no exception. Johnson & Johnson did not only recover the lost, but It also reached historic highs. Now, we are going to try to build a wedge from the March 2020 lows with a target above $176.
JNJ Old Daily Chart
The share price continued to rise until reaching 172.79, which we call wave (1) and you can see the structure is a Leading Diagonal. From there, we have a clear correction in a zig zag as wave (2) missing our ideal entry for a few cents. Short term, we already have completed the wave 1 of (3) at 171.20 and wave 2 of (3) correction at 165.25. JNJ is moving forward with the rally and needs to break 171.20 to confirm the Elliott structure. We cannot rule out yet the possibility of a flat correction as wave 2. That means it could reach 164.94 before continue higher. That count is valid as we stay above 161.70 and the possible target to complete wave ((5)) comes in 178.97 – 187.48 area.
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Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
