JP Morgan Chase Co.: wave analysis
29 May 2019, 09:48
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 108.57 |
| Take Profit | 122.50, 127.80 |
| Stop Loss | 98.14 |
| Key Levels | 85.90, 98.14, 122.50, 127.80 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 98.10 |
| Take Profit | 85.90 |
| Stop Loss | 102.20 |
| Key Levels | 85.90, 98.14, 122.50, 127.80 |
The price is in correction and may grow.
On the 4-hour chart, a downward correction formed as the fourth wave of the higher level 4 of (3), and the fifth wave 5 of (3) develops. Now, the third wave of the lower level iii of 5 has formed, and a local correction is developing as the wave iv of 5, within which the wave (c) of iv is forming. If the assumption is correct, after the end of the correction, the price will grow to the levels of 122.50–127.80. In this scenario, critical stop loss level is 98.14.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 98.14 with the targets at 122.50–127.80. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 98.14 will let the price go down to the level of 85.90.
On the 4-hour chart, a downward correction formed as the fourth wave of the higher level 4 of (3), and the fifth wave 5 of (3) develops. Now, the third wave of the lower level iii of 5 has formed, and a local correction is developing as the wave iv of 5, within which the wave (c) of iv is forming. If the assumption is correct, after the end of the correction, the price will grow to the levels of 122.50–127.80. In this scenario, critical stop loss level is 98.14.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 98.14 with the targets at 122.50–127.80. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 98.14 will let the price go down to the level of 85.90.
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