Attempt at Wave Confirmation (1d) (Jan 2022)

19 янв. 2022 г.

JP Morgan & Chase ( JPM ) (January 2022)

I still believe there may be an Elliott wave in this chart printing since the March 2020 market-wide crash. I've had to update since the last time I published but I was able to clean up this chart. I will try to watch this one more frequently now.

I think the next drop will end near ~$140 or even ~$130 depending on our suspected 4th wave here. Looking for a 50% or 38% retrace to confirm a 4th wave, those 2 price levels would satisfy that condition for me. It seems like it has already retraced further than 24% (<0.786) so I expect at least $140 or $130 if this is a true Elliott wave. I suspect this drop could continue from now into March or May 2022.

After a drop to one of the suspected levels for 4th wave, I expect a 5th wave that could end at either $170 (red/gold fib 1.0) or $191 (red fib 1.27/gold fib 1.618) anytime from December 2022 to February 2023. A final peak of $170 would make wave 5 a "failed 5th wave" and would probably support the fundamentals of a "double top" chart pattern as the suspected wave 3 ended along the same level.

Note the 3 moving averages converging on the price range I indicated for a 4th wave.

Previous chart leading to these conclusions:

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