American Express: Wave c in Progress

Shares of American Express have continued to sell off recently. According to our primary scenario, the beige wave c is progressing and likely to complete below our support at $219, in our green Long Target Zone between $205.35 and $167.99. Within this range, we anticipate the the low of the blue wave (IV), which should conclude the current corrective cycle. If American Express were to break directly above the resistance at $397.21 without retreating into our zone, the blue wave alt.(IV) would have already ended at $219 (probability: 39%).