American Express Wave Analysis – 8 November, 2021

• American Express reversed from support level 170.00

• Likely to rise to resistance level 188.10                                                                  

American Express recently reversed up from the support level 170.00, intersecting with the support trendline from January, lower daily Bollinger band, and 61.8% Fibonacci correction of the previous upward impulse from the start of September.

The upward reversal from the support level 170.00 started the active short-term impulse wave 3.

Given the clear daily uptrend, American Express can be expected to rise further toward the next resistance level 188.10 (top of the previous impulse wave 1).