Our detailed Elliott Wave analysis for The TJX Companies Inc. (TJX) as of May 7, 2024, offers insightful perspectives on potential movements for both daily and 4-hour trading charts. This analysis aims to assist traders and investors in identifying strategic positions in line with the predicted trends in TJX's stock prices.

TJX Elliott Wave Technical Analysis – Daily chart

On the daily chart, TJX is currently exhibiting an impulsive, motive wave pattern, specifically within Minute wave {v}. This wave is crucial as it suggests a continued upward momentum following the establishment of a bottom in wave {iv}. The target for equality between wave {v} and wave {i} is projected at $108, indicating significant upside potential.

TJX Elliott Wave Analysis Trading Lounge 4Hr Chart

The TJX Companies Inc., (TJX) 4Hr Chart

TJX Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (i) of {v}.

Direction: Upside in wave (iii).

Details: Looking for a CTLP on 100$, we need to break (b) to then start thinking about longs.

TJX Elliott Wave technical analysis – Four hour chart

Zooming into the 4-hour chart, TJX is progressing through Wave (i) of Minute {v}. The focus is on the upcoming wave (iii), which is known for its typically strong upward drive. A critical price point to monitor is the $100 level, where a conclusive break above the (b) wave high will validate bullish sentiments and open the door for positioning long trades.

Technical analyst: Alessio Barretta.

TJX 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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