Short Term Trading Member Forum

[techcharter]

JNJ new all time high

The 9 year ending diagonal should be now be complete. Wave 5 started this year. Wave 5b was a triangle, signalling the rally out of the July lows to be the last advance from the wave starting this year.

There is always the possibility of a double zizag to extend the choppy advance another year, or a smaller ending diagonal (waves b,c,d and e ) to be completed over the course of at least a another year. Confirmation if the price breaks below $61.50

Once JNJ tops it should lose 50% within a year.

Also since JNJ has been the strongest Dow stock, and it is topping, it forecasts the rest of the market will sell off from here.

http://stockcharts.com/h-sc/ui?s=jnj&p=D&yr=0&mn=6&dy=0&id=p75635173805