JNJ Elliott Wave Forecast – TradingLounge Daily and 1-Hour Chart Analysis

This Elliott Wave analysis of Johnson & Johnson (JNJ) combines insights from both the daily and 1-hour charts. Using Elliott Wave Theory, the objective is to analyze JNJ stock price trends and forecast potential future market movements.

Johnson & Johnson (JNJ) Elliott Wave Forecast – TradingLounge Daily Chart

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave {v} of 1

Direction: Uptrend within wave {v}

Details:

The current Elliott Wave pattern suggests a continuation of the upward trend in wave {v}, with one final leg higher still anticipated to complete the five-wave structure. The upside target is projected near $180, aligning with the completion of Market Geometry Level 2 (MG2).

Daily Chart Summary:

Wave {v} of the impulsive structure appears incomplete, indicating potential for additional upward movement. The $180 resistance level serves as the target for the end of this bullish phase. The trend remains positive until wave {v} reaches completion.

Johnson & Johnson (JNJ) Elliott Wave Forecast – TradingLounge 1-Hour Chart

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave i of (i)

Direction: Bullish continuation in wave (i)

Details:

The analysis focuses on the internal subdivision within wave {v}. Currently, there is price equality between waves {ii} and {iv}, a common target zone for wave {iv} retracements. Market participants are watching for confirmation of a new upward leg within wave (i).

1-Hour Chart Summary:

Wave structure analysis indicates a probable low in wave {iv}, as symmetry between waves {ii} and {iv} has been achieved. A break above the current level would support the case for further upside in wave (i) of the ongoing bullish trend.

Technical Analyst: Alessio Barretta

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