Technical analysis

AXP Wave Analysis – 18 October, 2019

AXP Wave Analysis – 18 October, 2019
  • AXP broke the daily down channel
  • Likely to rise to 120.00

AXP under pressure after the earlier breakout of the resistance trendline of the daily down channel from the middle of July (which has enclosed the previous ABC correction from July).

The breakout of this down channel accelerated the active short-term impulse wave (3).

AXP is expected to rise further and retest the next resistance level 120.00 (top of wave 4 and the target price calculated for the completion of the active impulse wave (3)).

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