JNJ Elliot Wave Setup [Daily]JNJ Elliot Wave Setup
Wave 1 : 133.65 - 151.5 (17 days , $17.85)
Wave 2 : 151.5 - 142.5
Base formed in Wave 2 last 4-5 days ,retraced upto 0.5 levels of Wave 1
Keeping 140 as Stoploss ( 0.618 levels) we can enter above 145 for a initial target of $17 ( Wave 1) for a approximate period of 18 days (around December 20th)
Keeping 160 as a trailing stoploss we can initiate a target of 1.62x of Wave 1 amounting to 145 + (17 * 1.62) approx. $170
Reward 170 - 145 = $25
Reward 157 - 145 = $12
Risk 145 - 140 = $5
R:R = 1:5
or
R:R = 1:2
In my view its a good setup , would be happy to hear your insights on this
