American Express ($APX): Elliott Waves Analysis and Sell Setup

The American Express ($AXP) Main Trend is absolutely bullish, therefore we currently consider all descents as simple corrective structures of the trend in play. But why am I saying that? Because when you decide to take a position not following the trend, the risk is high, so logic tells us to use a smaller size, at least initially (...there's always time to increase it!). Having said that, the strategy I want to share with you is very simple: "Try to take a short position on breakout", with stop loss above the previous swing (don't look at the levels on the chart, they are only indicative at the moment). Of course, a second option (yellow arrow) is also possible, but to do this you would need to be a little more expert. The potential target areas are the first around 119.50 and the second around 106.50 (my favorite).
Looking at the chart above (daily time frame) we can see how the potential short trade also has a good Risk/Reward ratio, and this makes this trade interesting.

I also take the opportunity to thank every Trader who supported me in the last setups on Stocks Market:

$AMAZON BULLISH SETUP
(Click and Play on Chart below)

$TESLA BEARISH SETUP
(Click and Play on Chart below)

Trade with care! 👍 ...and if you think that my analysis is useful, please..."Like, Share and Comment" ...thank you! 💖
Cheers!
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NOTE: Credit card company American Express said it will pay a quarterly disbursement of 60 cents a share, a 15% increase from 52 cents a share. The stock, which yields 1.5%, has a one-year return of 3.5% through March 9, including dividends, compared with minus 7% for the S&P 500.

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still in play...