JNJ update.

Here is my prior post on Johnson and Johnson.  The fact that the exponential chart shown there must crash at some point is already a done deal.  Now I'm just having fun modeling what I think are the last days until "peak bullshit" is hit.

So as you can see from above, I count 4 of 5 complete and now working on 5 of 5.  The chart below zooms way in to see where the count is for this final wave.  In short, I model the last half of today as an ending diagonal with a 5th wave throwover and I count it as the peak of wave 3.  Thus the EW rules suggest a decline to the prior 4th wave.  It could also be a 4th wave triangle instead of the big 3 wave decline shown below.  After wave 4 I expect one final wave up which should be about the same length as wave 1 at the lower left.  If JNJ pulls back as shown then that will not be enough to form a higher high and wave 3 will have been the peak.  But if we get a triangle for wave 4 instead of this a-b-c decline then wave 5 could go to maybe 103.

If a declining double top is formed as shown below it would be a powerful signal not to just JNJ investors but all big cap blue chip investors that the party might be ending and so perhaps they should take some leverage out of the trade or at the very least begin to buy the puts that they have avoided owning for several years now.