TJX Companies Inc. (TJX) Elliott Wave technical analysis [Video]

TJX Elliott Wave technical analysis

Function: CounterTrend.

Mode: Corrective.

Structure: ZigZag.

Position:  Minute wave {iv}.

Direction: Bottom in wave {iv}.

Details: As we seem to be unfolding in Minor wave 5, we have found resistance at TL1 at 100$, and we will not look for long trades before we will found support on 100$.  

TJX Elliott Wave technical analysis – Daily chart

TJX is currently positioned in a countertrend, corrective phase under a ZigZag structure, specifically in Minute wave {iv}. This indicates a potential bottom forming in wave {iv}. Currently, resistance was encountered at TL1, located at $100. The analysis suggests caution, recommending against initiating long positions until a support is clearly established at or near $100, indicating the completion of wave {iv} and a potential setup for the subsequent upward move in Minor wave 5.

TJX Elliott Wave technical analysis

Function: CounterTrend.

Mode: Corrective.

Structure: ZigZag.

Position: Wave (c) of {iv}.

Direction: Bottom in wave (c).

Details: I outlined equality of wave {ii} and {iv}, as correction of the same degree will tend towards equality, at 89$. We can clearly we demand at that level, looking to see at least a reaction.

TJX Elliott Wave technical analysis – Four-hour chart

On the 4-hour chart, TJX is seen in the final stages of its corrective phase, specifically in wave (c) of {iv}. This detailed view continues with the ZigZag corrective pattern, focusing on the price action towards a potential bottom. The chart notes the price target of $89, where the wave (c) could find equality with wave (ii) — a common scenario in corrections of the same degree. There's a noted demand at this level, suggesting that a reversal or significant reaction could be expected soon.

TJX Companies Inc. (TJX) Elliott Wave technical analysis [Video]