Razvan

American Express - 4th wave triangle, long perspective

Long
BATS:AXP   American Express Company
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The trend for this stock is a rising one. The higher highs and higher lows, but also the trend line from the RSI confirms it. At the present moment we can see an triangle consolidation near the trend line , on the chart. This pattern is created in the 4th wave of this impulse movement. An upside break over 58.74(accompanied by an upside break om the RSI 56), would confirm the pattern and the price might head for the price target at 66.11(which also coincide with 161.8 projection of the correction) and would mean the end of wave 5. An downside break would invalidate this scenario and we should pay some more attention to the price action at the 58.74 key support level .

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