As with CL it is possible to count the EW sequence for JNJ with a series of 4-5’s. The end result is still equally bearish;
This is what we had, see July 28th blog. Here is the other possibility;
Instead of a single multi year “wedge” 5th wave, two 4-5’s 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.