JP MORGAN CHASE CO.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 201.48 |
| Take Profit | 210.00, 220.00 |
| Stop Loss | 198.63 |
| Key Levels | 163.60, 177.50, 188.50, 210.00, 220.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 188.45 |
| Take Profit | 177.50, 163.60 |
| Stop Loss | 192.10 |
| Key Levels | 163.60, 177.50, 188.50, 210.00, 220.00 |
The probability of decline remains.
On the daily chart, the downward correction as the fourth wave of the higher level 4 has ended and the fifth wave 5 is being formed, which includes the third wave of the lower level (3) of 5. At the moment, wave 3 of (3) has also appeared, the correction as wave 4 of (3) has completed and wave 5 of (3) is developing. If the assumption is correct, one may expect the growth of the price of the asset to 210.00–220.00. The level of 188.50 is critical and stop-loss for this scenario.
Main scenario
Long positions are relevant from the corrections above level of 188.50 with targets at 210.00–220.00. Implementation time: 7 days and more.
Alternative scenario
A breakdown and consolidation of the price below the level of 188.50 will allow the asset to continue its downward dynamics to the area of 177.50–163.60.
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