[JPM] chart very near the start of collapse if not already begun

While Cramer is yelling about oil, I am looking around at sectors that the news has not been mentioning.  Since I find the banking sector to be extremely quiet right now, I decided to have a look at the JP Morgan chart.  Before I formulated my W3C theory I viewed the last rising wedge of JPM as its peak.  But now in light of this theory, the count seems obvious.  That wedge was W3 and then we had a 4th wave zig zag peaking slightly higher into wave 5.

[chart added after the post was initially released without it....]

Since then there has been a very rapid sell off that broken the blue support line and recently tested the orange support line.  I suspect those two waves were 1-2-1-2.  In other words, it will take a 3rd of 3rd to break down that orange rail and the shares are poised to do that right now.

This would be a major sell signal not only for everything financial but also for the entire stock market because, in a global debt Ponzi, banks are a leadership sector and yes folks, it is a global debt Ponzi exactly as I have been describing for a long time.

Keep in mind that when the banking sector collapses it can do so with exponential speed .  The reason is simple: much of its "wealth" doesn't actually exist.  Value such as drilling rigs and cars and office buildings, etc. are essentially borrowed assets by the buyers.  They will default on these possessions and the banks, having lent high sums of money to buy assets that became bubble priced because of credit inflation, will eat the losses.  All of the major banks are already bankrupt if they had to follow the accounting laws regarding mark to market, etc.

The banks will be a leadership sector to the downside in the coming collapse and government will not be able to intervene enough this time in order to save them.  Expect Lehman squared this time. Even if the government could save them I don't think the new conservative government would do so for fear of getting thrown out by the voters who clearly did not like getting played for Mark and Patsy the last time around while banking shares and elitist wealth soared to all new highs in many cases.  The political will to save the wealthy simply doesn't exist to the degree that it did in 2007 and so yes I think it will be different this time.  Some heads will have to roll in the banking sector.  Besides, it seems that the con men are already cleaning up loose ends in this matter.