Short Term Trading Member Forum

[techcharter]

JNJ close to major top

Take a look at the 10 year /weakly charts for JNJ.

There is a huge ending diagonal in play, starting from the lows in 2000.

WAVE 5A of the ending diagonal began from this year's lows. JNJ is in WAVE 5C-zag. It shot up as post triangle moves usually do. There may be a little more upside to make all-time highs before turning.

The significance of JNJ is it has been one of the strongest Dow stocks, yet its pattern shows a major top is almost in place with a potential for a very sharp sharp retracement. A falling tide is about to sink this boat.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=spx&time=&freq=