JNJ, Johnson & Johnson update

As with CL it is possible to count the EW sequence for with a series of 4-5’s. The end result is still equally bearish;

jnj jul 2012

This is what we had, see  July 28th blog. Here is the other possibility;

jnj aug 27 2012

Instead of a single multi year “wedge” 5th wave, two 4-5’ can be inserted assuming that a similar series of 1-2’s occurred back in the eighties. Both counts call for substantially lower levels soon.