JPM Morgan chart getting very tired.

In this post I began coverage on the bankers starting with Goldman Sucks.  The timing for this is not arbitrary, just as it was not arbitrary for SPWR, BLDP, AA, and many other models over the past year.  In short, I think the financials are peaking right now.

The JPM chart is interesting.  It is clearly some kind of triangle because of the 5-3-5 (a-b-c) internal structure of it.  It is no coincidence that this 5th wave had its a wave kiss the upper resistance and then only break out of this nearly 15 year long structure only on the C of 5th wave.  Now check the nature of the B of 2 wave vs the B of 4 wave.  That's right, alternation right there. 

Folks, we are staring the end of the funny money system right in the face.  This is Peak Con right here and we are within a couple months, tops, of seeing it begin to tumble hard.  JPM shares will not collapse like this without a major, major disruption in the global money system.  It could be that war with Russia blows all financial institutions sky high in a massive chain reaction (AKA Ponzi dominoes or "contagion").  I'm telling you that this is all going down the tubes not because I want it to but because the charts are screaming it from the rooftops.  As I write this JPM is $57.92.  It just had a double top at $60.  The could have been the top.  Or it could go on to form an ending diagonal a few bucks higher.  But we are mos def in the end game and perhaps even End Times.

Look at the leftmost blue circle where the chart broke out, back-tested from above and then continued up.  this means that the top green line is meaningful to the markets.  So when this falls below that green line somewhere near the right hand light blue circle, I expect it to happen with gusto at the very least if not outright shock and awe.

Folks, in this debt Ponzi, every single major bank is already bankrupt if they had to mark their assets to market.  The next stock price collapse will be the last one for the likes of JPM.  They got big using big leverage and that leverage will eventually be the end of them.  Unfortunately they will probably drag the entire global monetary system down with them.

I want to reiterate that this will not be the end of capitalism.  We haven't had capitalism in this country for many decades now, certainly not since we went off the gold standard, but even before that the seeds were clearly sown.  When the US conned everyone into the 1944 Bretton Woods accord, that was the real start of the "new capitalism" AKA "crony capitalism".  It enabled special people to get access to massive amounts of credit.  They got to use leverage which others did not have access to.  It enabled special people to get rich and the credit they generated drove up the prices for everything in the economy.  The also enslaved billions of people using this corrupt system.  Is it any surprise that a valid anagram of "Bretton Woods" is "To Own Debtors"?  Coincidence?  Maybe.

In any case, I have been saying that the coming collapse will actually be a healing in disguise despite the widespread pain that will accompany it.  It will be the end of the global fiat currency system as we know it and the only way to get people working again will be to provide an honest money supply.  It used to be that I was fairly alone in these extreme beliefs yet I have not wavered from them ever since my epiphany in 2007 that the US and the US was running a Global Debt Ponzi.  But these days more and more heavyweight experts are now saying the same thing.  In fact, Mish reports that David Stockman thinks we are  in the endgame of crony capitalism (and Mish invites us to his wine country economic conference in order to hear the details from him).

Of course, I don't need to hear the details.  I already get it.  This is a debt Ponzi, no different than Charles Ponzi's Ponzi, no different than Bernie Madoff's Ponzi.  It is global.  No country has been excluded.  What else does anyone really need to know?  When it goes down it will be a global event and woe, woe, woe to them who have not made specific preparations for it.  I suspect that just trying to maintain something in the kitty for retirement will be the least of people's problems.  Look in other countries to see what happens during major economic disruptions.  Food is not delivered to the shelves.  The utilities stop working.  There is mass crime, looting, riots etc.  There might be martial law.  There might be civil war.  Yes, it really is potentially that bad.

No con game ever lasted forever and you can see the confidence just oozing out of this con game and down into the sewer.  Once gone, the confidence cannot be restored to a con game.  It will collapse of its own corrupt weight.  At least these are the lessons that history teaches over and over and over again.