JNJ completing correction wave C

Apr 17

JNJ
JNJ is in multi decade uptrend peaked at 187 – presumably end of major wave 5 and turned into Elliott ABC correction, where major wave (A) length is about 37. Per fibo relation major wave (C) should most probably end at 139.5, while intermediate wave ‘c’ – a unit of the major wave (C) might break the pattern bringing the end of correction to 133 and beyond until possible exhaustion of the major correction at higher fibo multiples.

At the same time the stock is trading in a downward channel with a lower bound standing now at 141, as well as built-in triangle pattern identifies target as of 137.5 (not very reliable)

Week chart: EMA 50 & 200 confirming death cross – it’s late coz in JNJ case SMA 50/200 confirmed it earlier at around 160 – i.e. the stock is already about to be bottomed. RSI in week chart is not yet oversold, while in day chart RSI is heavily oversold.


I would consider weekly and daily RSI to align getting both in oversold territory and open long at somewhere 139-141 with a price target being upper boundary of the current downward channel

Aug 26

Note

JNJ is now retesting local high of 165.7 , but for longs it would be quite weird to sell today as the ex-div date is tomorrow 8/27. Given recent news on EU drug approval etc. I would still consider it has all the potential to test the upper bound of the downward channel i.e. at around 168. Will see what happens then. Should it easily breakout, it might indicate a reversal of the downtrend, I would stay bullish in this case. GLTAL!

Aug 28

Trade active

Given how easily JNJ is closing a dividend gap today (although, didn't track in the past) I think it still has all the potential to reach PT 168. VIX is up today, tech is down -> JNJ gets support as a counter tech

Nov 15

Note

I didn't sell either in August, or October when it touched upper bound of downchannel. refer to a snapshot below

it formed a cipher like harmonic pattern and started to retrace from the local high/ upper bound of the channel to an area of fibo .618 - .786

Nov 15

Note

My so called 'fast' stochastic on both day and week TF is now signalling buy. refer to a snapshot below. I missed the trade 'sell at 165 - 168' and now since oscillator is flashing buy, it is likely to go up to unload oversold condition, hence I am still holding JNJ for the time being

Nov 27

Note

As of end of Nov'24 the advanced harmonic pattern finder suggest it's been developing a bullish butterfly with basic points of
156 - aug 13
169 - sep 4
159 - oct 4
and 154 - Nov 12 (however I would here slightly disagree with the script as since Nov 12 the price broke the entry point ant and dropped down to a local low of 151)



but I would agree with the pattern bullish sentiment and a suggestion of target 1 = 163 and a more aggressive target 2 = 173, hence still holding long

Dec 6

Note

It is nearing completion of cypher CD leg retracement at .786

looking at support around 148.60

RSI on day TF is getting into oversold

should bounce to somewhere 163