Perfect Forecast of JP Morgan The Power of Alternative ~ forex trend trading signals
On 8th June, I posted an analysis here titled JP Porgan as caught on elliot wave on how I expected JP Morgan stock price to move in time to come.
I had two scenerios. While I favoured the first, I kept an eye on the second. i wrote about the favoured analysis below.
Prices are tending high in a non-overlapping impulsive trend. The recent rally which I labeled as the third wave of the impulsive move is ending in an expanding diagonal formation.
In expanding diagonal, wave 5 is greater than wave 3 which is greater that wave 1; wave 4 is greater than wave 2 and the connecting trendlines, upper and lower, show that prices should continue the rally to $70 where a minor dip to $65 region is very likely before a further rally to probably $72.
What happened afterward?. Price rallied to $70, dipped to form the 4th wave in a zigzag correction at $65 and now advancing toward $72. We will see price reaction at $72.
There could be a major slump in the price of Jp Morgan soon. We can watch and analyse with the help of elliot wave theory.
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