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TJX Elliott Wave Analysis Trading Lounge Daily Chart, April 17, 2024

The TJX Companies Inc., (TJX) Daily Chart

TJX Elliott Wave Technical Analysis

FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: ZigZag

POSITION:  Minute wave {iv}.

DIRECTION: Bottom in wave {iv}.

DETAILS: As we seem to be unfolding in Minor wave 5, we have found resistance at TL1 at 100$, and we will not look for long trades before we will found support on 100$.  

TJX Elliott Wave Analysis Trading Lounge 4H Chart, April 17 2024

The TJX Companies Inc., (TJX) 4H Chart

TJX Elliott Wave Technical Analysis

FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: ZigZag

POSITION: Wave (c) of {iv}.

DIRECTION: Bottom in wave (c).

DETAILS: I outlined equality of wave {ii} and {iv}, as correction of the same degree will tend towards equality, at 89$. We can clearly we demand at that level, looking to see at least a reaction.

Here's an Elliott Wave perspective on The TJX Companies Inc. (TJX) as of April 17, 2024, detailed through analyses on both the daily and 4-hour charts:

* TJX Elliott Wave Technical Analysis – Daily Chart*

TJX is currently positioned in a countertrend, corrective phase under a ZigZag structure, specifically in Minute wave {iv}. This indicates a potential bottom forming in wave {iv}. Currently, resistance was encountered at TL1, located at $100. The analysis suggests caution, recommending against initiating long positions until a support is clearly established at or near $100, indicating the completion of wave {iv} and a potential setup for the subsequent upward move in Minor wave 5.

* TJX Elliott Wave Technical Analysis – 4hr Chart*

On the 4-hour chart, TJX is seen in the final stages of its corrective phase, specifically in wave (c) of {iv}. This detailed view continues with the ZigZag corrective pattern, focusing on the price action towards a potential bottom. The chart notes the price target of $89, where the wave (c) could find equality with wave (ii) — a common scenario in corrections of the same degree. There's a noted demand at this level, suggesting that a reversal or significant reaction could be expected soon.

Technical Analyst: Alessio Barretta

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