Here's the back link to my prior post on JPM. Today's chart looks like the backtest from below is just about done. Since black 5 of the first wave down of the new bear market, JPM shares did an a-b-c consisting of 5-3-5. If this call for "The Owl" is correct then downward movement needs to begin PDQ.
If it does not begin tomorrow then there is risk that this turns into a 4th wave and that suggests the possibility of more upside for a couple of days next week. If JPM is going up then, the DJIA will not be moving down. The right hand side of that potential Owl is looking a little thick so it could turn out to be part of a 4th wave triangle. We just have to see how it plays out. But it is very nearly done with wave 2 back up IMO. It is important to not that while the $COMPX and S+P 500 are now higher than their June 9th peaks, JPM is still languishing at the 61.8 fib. That's bearish non-confirmation IMO.
Thursday, June 19, 2014
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