Since its IPO back in the seventies, American Express
Up from there, the stock started the next leg higher in wave ((III)) which is the strongest in the Grand Super Cycle. AXP is showing an incomplete bullish sequence from the 2009 low and aiming for a higher target at the extreme area of $137 - $190 which can be exceeded as the 3rd wave tends to extend beyond the minimum target.
The current focus is on the cycle that started from the 2016 low of $50 and created a connector in December 2018 at the low of $89. The stock managed to make new all time highs which opened a new extension to the upside targeting the 100% Fibonacci extension area at $153. In addition, the impulsive rally from the $89 low created further upside against the recent June 2019 low of $113 which is expected to remain supported against short term pullbacks as the stock will be looking for a strong rally to take place without any deep correction based on the bullish sequence and correlation with the rest of stock market.
In conclusion, American Express structure is unfolding as an impulsive structure from the all time lows and it's still expected to continue rallying to new all time highs. Therefore, technical investors will be looking to continue buying the stock in any corrective pullbacks against the June 2019 low and the December 2018 low.
By Elliottwave Forecast, Equities contributor.
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