JPMorgan Nasdaq Equity Premium Income ETF – JEPQ Elliott Wave technical analysis [Video]
|JPMorgan Nasdaq Equity Premium Income ETF – JEPQ (1D) Elliott Wave technical analysis
Daily chart
-
Function: Major trend.
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 3.
-
Direction: Rally.
Details:
-
The bullish trend remains intact and is still in its early development.
-
The rally should surpass the $58.54 level, fully confirming the third wave's presence.
-
Signs of an extension in wave [iii] suggest the potential for a prolonged rally before facing a [iv] correction.
-
The $47.14 support level is critical for any potential pullback.
Invalidation level: $44.40
JPMorgan Nasdaq Equity Premium Income ETF – JEPQ (four-hour) Elliott Wave technical analysis
Hourly chart
-
Function: Major trend (Minor degree, grey).
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave [iii].
-
Direction: Rally.
Details:
-
The rally is expected to continue, with a gap-up highly probable.
-
Confirmation of wave [iii] came with the $50.85 breakout.
-
We anticipate a strong momentum influx, as the third of the third wave is unfolding. The rally might encounter resistance around the $57.11 level.
-
Any drop below $49.00 would be a significant concern.
Invalidation level: $47.15
Conclusion
The summarized Elliott Wave analysis indicates:
-
JEPQ is currently unfolding in wave 3, suggesting stronger momentum ahead.
-
A gap-up is likely, and the rally could exceed the $57.11 marker.
-
Traders must adhere to Elliott Wave principles and monitor invalidation levels closely to minimize risk.
JPMorgan Nasdaq Equity Premium Income ETF – JEPQ Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.