[JPM] update

IF the markets really are about to collapse then it cannot happen without the bankers leading us down.  Why?  Because the underlying reason for the crash will be credit deflation and that represents a death sentence for bankers.  They loaned out money on assets whose valuations deflate.  As a result, those who borrowed money from them just default no matter what anyone does about it.  That's why government wants inflation even though inflation is a scam.  All major banks will collapse in a Prechter style deflationary crash because the primary business of banks before any and all else is to support the creation of credit based inflation.  That is the whole purpose of having a fractionally reserve money supply.  This is why I think it is important to follow bankers like JP Morgan.

Here is the backlink to my previous post on JPM and the bounce since then could be viewed to have done an a-b-c.  It could also need one more small 5 wave up move as shown below before beginning the 5th wave down.  The JPM chart is thus at a critical juncture.  If the price can be pushed up just 1 cent past the low of blue 1 then not only is the current wave down not bearish, it likely represents nothing more than a good time to buy the dip.  That's because the wave would have moved back up into the level of wave 1 without first having put in a full 5 down and that is not allowed by an unbreakable EW rule.  So if the rule is broken, the count is broken and the bearish call evaporates.

So, Janet Yellen, all you have to do is to use federal reserve money to buy JPM shares up just a measly $1.50.  If you want to keep this debt Ponzi spinning I strongly suggest that you do just that because if the wave now makes a lower low then we have a confirmed 5 down and that is an official confirmation of the new direction.