TJX Companies (TJX): Red Halos are Not Good!

SUMMARY

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TJX Companies (TJX) experiences signfiicant sow down in its top and bottom lines when the economy slumps or enters recession. For Ellioticians, one of the biggest indicator of an approaching recession is when companies like TJX become very toppy ...line now. The red halo for red wave 5 shouldn't be taken lightly because Eliott Waves states that after five waves, there is a sizable, requisite correction and these corrections often coincide with coming recessions.

Red wave 5 is likely not yet complete; however TJX is already laing of employees. It's probably feeling the bottom line pressure with softening topline incoming data. The ABC is the projected sequence for the correction, but it could morph into any of the 34 possible corrective combinations. The MACD is also looking toppy and perhaps already rolling over. For now, I've placed the C wave target to equal the prior blue wave 4.

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