Johnson & Johnson is showing a very nice recovery with clear impulsive price action since breaking out of the downward channel back in July. The structure suggests an ongoing trend with an extended black wave three that now has five waves up as expected, after a nice fourth wave retracement to 186 in last few weeks. So if we are correct then market is now in late stage of an extended wave 3 which could be coming to an end somewhere around 200 level; near the channel resistance. That said, be aware of a new higher degree reversal going into end of this year. However, once we see next retracement, interesting support can once again be at 186-180 region.
Highlights:
Trend: Bullish (fifth wave within ongoing wave three)
Support: 186,180
Resistance: 200–208
Invalidation: 169
Note: Favoring continuation higher after a pullback toward support
Highlights:
Trend: Bullish (fifth wave within ongoing wave three)
Support: 186,180
Resistance: 200–208
Invalidation: 169
Note: Favoring continuation higher after a pullback toward support
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