SUMMARY
Here is a very long term chart for Johnson & Johnson (JNJ), a behemoth of a company. I've posted the Elliott Waves and it seems that all five waves are complete. In fact, the blue lines pattern out an ending diagonal. There is a reason why it's called an "ending". Price has already decisively breached through the lower blue trend line and that is NOT a good sign.
Since the MACD is a bit oversold, the B wave bounce is due as shown in the chart below. However, the C wave down is currently pegged the blue wave 4 but there is a scenario for the white wave 4 as well. Be cautious!
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