Kylan_Laymance
Long

Cypher Pattern, TJX Cos Inc., Weekly

NYSE:TJX   TJX COMPANIES INC (THE)
So today i decided to look at some more stocks; and here we see TJX             inc. This company owns TJMaxx Marshalls and HomeGoods in The US. In their charts we see a forming cypher pattern with the C point resting around $70 a share. Now usually i wouldn't want to trade this over this long of a term , but i have a few things going for me here.

The first is a dense consolidation between $65 and $70 a share. Now this tells us that the market is likely overbought or that it is planning a reversal.

The second thing you will notice is that the market has just completed the 5th wave of an Elliot wave series, and that tells us that the market will likely switch directions with a corrective wave. Now if the market respects structure, which it usually does, then we should see that corective wave come down as low as $50 a share before returning to the higher prices per share.

The last thing contradicts all of the previous , but it still suggests that we will be headed up in price, and that is the linear regression line, not the Cypher pattern doesn't respect the linear regression line , but the Wave series is likely to "over power" in a sense , and mover the market to the outside of the regression, but in which case the market does respect the linear regression , it is likely to rally off the negative deviation line and reach roughly the same target of $81 a share.

Obviously this is a very long term trade, but put it in your Calanders , and keep an eye on this one , because there is a good chance of some big returns here.

Thanks for checking this page out, As always like if you agree, comment if you disagree, and follow me either way for great updates , predictions and information.

Good Trading !
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