JP Morgan Chase (JPM): Flying High!

SUMMARY

The chart of JP Morgan Chase (JPM) is in a bull market cycle. The Elliott Waves show that wave 3 is probably not yet complete. That still leaves wave 4 and 5 on deck.

The subwaves (blue) of wave 3 (white) show that blue wave 5 remains. White wave 4 should correct to 0.38 Fib zone of wave 3. With a target of $147 for white wave 5; the bull market should rage on.

From a bigger picture perspective, the below chart shows the higher degree of trend waves. Note how the prior waves discussed become subordinate to this higher degree of trend. Even with a sizable percentage correction for white wave 4, the bull market would see it as a healthy correction.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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