Mar. 22 at 10:47 AM
$JNJ Wave Count Update
👉If this is helpful to you, tap @NasdaqKnight
From Jan 2025 low (
$141.50) to the peak
$251.71 (Mar 2) — that's a clean 5-wave impulse. Now in Wave ((4)) correction. The question: how deep?
Current Price:
$235.37 (-0.94% Friday)
RSI (14): 82.49 — Bearish Overbought, pullback overdue
ADX: 42.18 — Trend strength is VERY STRONG, this is a bull flag, not a reversal
Volume: 17.16M on Friday — 194% above avg, sellers stepping in
Key Support Zone:
$214.92 -
$232.75 (Bollinger Middle + Lower)
🧠 The Setup:
Wave ((4)) is HEALTHY. With Beta at 0.20 (ultra low volatility) and MFI still 74.80 (bullish inflows), buyers are waiting to reload .
🎯 The Play:
Watch for exhaustion volume near
$232-
$234. Once ((4)) completes, Wave ((5)) targets
$260+ .
🔹 25 analysts average PT:
$248.43
🔹 P/E 21x — reasonable for a defensive compounder
Don't fade the pullback. Let the wave structure guide you.
