American Express (AXP) hit target extending in wave ((5))

Elliott Wave Forecast Team ElliottWave-Forecast.com

American Express Company (Amex), symbol AXP, is an American multinational financial services corporation that specializes in payment cards. Headquartered in New York City, it is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average.

AXP weekly chart April 2024

The stock has been building an extension as wave (V) of ((I)). Wave I ended at 189.03 high. Then, wave II built an expanded flat correction ending at 130.65 low. The wave ((1)) of III completed at 182.15 and pullback as a flat correction ended wave ((2)) at 140.91. From here, AXP started a strong rally that was wave ((3)) of III and we were looking for buying opportunities to trade in favor of the trend.

AXP weekly chart August 2024

After 4 months, AXP continued the rally as expected. It ended wave (3) of ((3)) at 244.41 high. The pullback as wave (4) finished at 220.74 low and market resumed to the upside in wave (5) of ((3)). This cycle ended at 256.24 high and we had strong pullback as wave ((4)) retesting last wave (4) low around 222.03. The market was trading in wave ((5)) higher. If there was not more extensions, this wave ((5)) of III could reach 264.28 – 277.31 area where AXP could begin a large correction in wave IV.

AXP weekly chart January 2025

The rally continued as expected hitting the target of 264.28 – 277.31 area. The market has extended the wave ((5)) and the structure looks incomplete. With this extension, we adjusted a little bit the count. Also, we can see how wave 4s pulled back to the typical level of 23.6% Fib retracement of a wave 3. Wave ((4)) retraced to 220.24 and wave (4) to around 287. Currently, AXP is trading in wave (5) and it could reach to 320.00 before starting wave IV correction. We cannot deny more extensions, inclusive we are using a conservative view because AXP could be still trading in wave ((3)). For now, we are going to wait for a reaction lower from around 320.00 to retest 280.00 – 290.00 area and see how the market structure is developing.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.

Gold plunges on sudden US Dollar demand

Gold drops markedly on Thursday, challenging the $4,900 mark per troy ounce following a firm bounce in the US Dollar and amid a steep sell-off on Wall Street, with losses led by the tech and housing sectors.

Ripple collaborates with Aviva Investors to tokenize funds as XRP interest declines

Ripple (XRP) exhibits subtle recovery signs, trading slightly above $1.40 at the time of writing on Thursday, as crypto prices broadly edge higher. Despite the metered uptick, risk-off sentiment remains a concern across the crypto market, as retail and institutional interest dwindle.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.