Could we see another push higher for JNJJohnson & JohnsonNYSE:JNJBlueLineTradingLLCWhile many believe there is a convincing top on JNJ at the 251 zone, which would indicate a much more meaningful correction below the 200 zone, evidence suggests that the 251 zone is more likely to be a lower degree, and that support in the 208 - 215 zone should hold. That said, from that support, Elliott Wave guidelines would suggest we look for another five-wave structure to the upside, in what would be a larger degree extended wave five. I base this on the following evidence: -Elliott wave guidelines suggest there should be bearish divergence between wave 3 and 5, and we should look for that divergence on a fractile basis to support the count. Keep in mind that the higher the timeframe of divergence, the more confirmation provided. That said, there is a lack of bearish weekly divergence between the December 15th 2025, weekly high at 215, and the March 2nd 2026, weekly high at 251, which would suggest that the 251 high is more likely not a wave 5 top, and instead a wave 3 top. Therefore, we would be looking for a pullback and one more high to the upside to create that weekly divergence. - While volume is one of the most simple indicators, it is often overlooked, which is a huge mistake. Volume is provided in real time and is not based on lagging information, like so many other indicators. It must be noted that approximately 90% of market volume is created by informed institutional activity. That said, when we look at the weekly volume coming down from the 251 high, it does not indicate a more meaningful correction. In fact, it is declining in a manner that would suggest declining interest in lower prices, which is a clue that the nearest support is more likely to hold. The nearest weekly support is in the 209 area. Therefore, I would look for the market to pivot in that zone of support. - Lastly, Elliott Wave guidelines also suggest that wave four pullbacks typically target the previous lower degree's wave four target zone, which the target of 209 is in. This further supports the case for a pullback to 209, where JNJ may pivot and head toward a new all-time high. If JNJ holds support and we see a push for one more all-time high to complete the higher degree impulse structure, where should we look to forecast the new all-time high? To answer that, we must look at the larger degree structure, and the lower next degree wave five structure we are likely currently in, which would suggest the 300% extension around 272 as a likely forecasted target for the top.