JP Morgan Chase Co.: wave analysis
07 September 2017, 09:05
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 89.95 |
| Take Profit | 85.00 |
| Stop Loss | 91.60 |
| Key Levels | 85.00, 95.10, 100.20 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 95.20 |
| Take Profit | 100.20 |
| Stop Loss | 93.55 |
| Key Levels | 85.00, 95.10, 100.20 |
The price can fall.
On the 4-hour chart the development of the “bullish” momentum within the fifth wave of the higher level 5 has ended. Locally the formation of the downward correction of the higher level, within which the wave (iii) of i is developing, has begun. If the assumption is correct, the price will fall to the level of 85.00. The level of 95.10 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 95.10 with the target at 85.00.
Alternative scenario
The breakout and the consolidation of the price above the level of 95.10 will let the price grow to the level of 100.20.
On the 4-hour chart the development of the “bullish” momentum within the fifth wave of the higher level 5 has ended. Locally the formation of the downward correction of the higher level, within which the wave (iii) of i is developing, has begun. If the assumption is correct, the price will fall to the level of 85.00. The level of 95.10 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 95.10 with the target at 85.00.
Alternative scenario
The breakout and the consolidation of the price above the level of 95.10 will let the price grow to the level of 100.20.
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