Welcome to our JNJ Elliott Wave Analysis Trading Lounge, where we examine Johnson & Johnson (JNJ) through Elliott Wave Technical Analysis. Let’s take a closer look at the market trends on the Daily Chart as of March 26, 2024.
In our analysis, JNJ displays a trending pattern characterized by an impulsive mode and a motive structure, positioned explicitly in Wave (3). This signals an upward movement momentum in wave 3 of (3). We anticipate the completion of a three-wave move into Wave (2), with support identified around the Medium Level of $150. However, confirmation of the upward trajectory into wave (3) is still pending.
Moving to the four-hour chart, we see a trending pattern denoted by an impulsive mode and a motive structure, now positioned in Wave {c} of 2. This suggests a shift towards wave 3. We are closely monitoring the downside movement into wave {c}, nearing equality between wave {c} and Wave {a}, typically occurring within the $155 to $150 range, where we anticipate finding support.
This analysis aims to provide insights into potential market movements for Johnson & Johnson (JNJ) based on Elliott Wave Technical Analysis.
