JP Morgan Chase Co.: wave analysis

The price may fall.

On the daily chart, a downward correction of the higher level develops as the fourth wave 4, within which the wave (C) of 4 forms. Now, the first wave of the lower level 1 of (C) has formed, and a local correction has ended as the wave 2 of (C). If the assumption is correct, the price will fall within the wave 3 of (C) to the levels of 82.94–77.84. In this scenario, critical stop loss level is 106.01.

Main scenario

Short positions will become relevant during the correction, below the level of 106.01 with the targets at 82.94–77.84. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 106.01 will let the price grow to the levels of 113.91–121.00.