JP Morgan Chase Co.: wave analysis 21 December 2018, 08:41

JP Morgan Chase Co.: wave analysis

21 December 2018, 08:41

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	96.42
Take Profit	91.53
Stop Loss	102.70
Key Levels	91.53, 102.70, 112.70, 119.10

Alternative scenario
Recommendation	BUY STOP
Entry Point	102.80
Take Profit	112.70, 119.10
Stop Loss	99.50
Key Levels	91.53, 102.70, 112.70, 119.10

The price may fall.
On the 4-hour chart, a downward correction forms as the fourth wave of the higher level 4 of (3). Now, the wave c of 4 is developing, within which the wave of the lower level (iii) of c is forming. If the assumption is correct, the price will fall to the level of 91.53. In this scenario, critical stop loss level is 102.70.


Main scenario
Short positions will become relevant during the correction, below the level of 102.70 with the target at 91.53. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 102.70 will let the price grow to the levels of 112.70–119.10.