Johnson + Johnson have been under a lot of fire recently due to Asbestos in old company talcum powder products.
This caught my attention and I decided to look at their stock prices.
The peak highlighted in the chart below I consider to be excellent short-sell food and I'll tell you why.
I have noticed that this stock seems to be forming a possible Elliot wave 12345-ABCD correction pattern.
Here is the chart for JNH (Source is Investing.com) with the possible Elliot Wave correction pattern mapped out as a projection.
You'll see how this would neatly conform to the classic Elliot Wave outline including the corrective ABC phase.
And thus we would look to short-sell JNJ down to the C point which sits roughly at 111.00 here.
An example play would look at follows:
Needless to say I am building a short position against JNJ. It may even go further than the single drop-down t o the 111 level in the long run. This is one I'll be watching.