JP Morgan & Chase Co. (JPM) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

JPM Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 3.
Direction: Upside in wave 3.

Details:

JP Morgan (JPM) appears to have completed wave 2, setting the path for further upside within wave 3 of Primary wave (5). The focus is now on reaching TradingLevel3 at $300, with expectations of continued bullish momentum as wave 3 advances.

JPM Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {ii} of 3.
Direction: Bottom in wave {ii}.

Details:

On the 1-hour chart, JPM is nearing the completion of wave {ii} of 3, setting the stage for a possible strong third-of-a-third rally. Alternatively, there is a minor chance that price action is within wave (iv) of {i}. Despite the alternate view, the bullish structure remains intact, favoring a move higher once the current corrective phase concludes.

Market summary

This Elliott Wave analysis for JP Morgan & Chase Co. (JPM) covers both the daily and 1-hour charts, offering a detailed view of the ongoing market trend through Elliott Wave Theory. It projects the next potential bullish moves while acknowledging possible short-term alternatives.

JP Morgan & Chase Co. (JPM) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD climbs toward 1.1800 on broad USD weakness

EUR/USD gathers bullish momentum and advances toward 1.1800 in the second half of the day on Tuesday. The US Dollar weakens and helps the pair stretch higher after the employment report showed that Nonfarm Payrolls declined by 105,000 in October before rising by 64,000 in November.

GBP/USD climbs to fresh two-month high above 1.3400

GBP/USD gains traction in the American session and trades at its highest level since mid-October above 1.3430. The British Pound benefits from upbeat PMI data, while the US Dollar struggles to find demand following the mixed employment figures and weaker-than-forecast PMI prints, allowing the pair to march north.

Gold recovers above $4,300 as markets react to weak US data

Gold trades in positive above $4,300 after spending the first half of the day under bearish pressure. XAU/USD capitalizes on renewed USD weakness after the jobs report showed that the Unemployment Rate climbed to 4.6% in November and the PMI data revealed a loss of growth momentum in the private sector in December.

US Retail Sales virtually unchanged at $732.6 billion in October

Retail Sales in the United States were virtually unchanged at $732.6 billion in October, the US Census Bureau reported on Tuesday. This print followed the 0.1% increase (revised from 0.3%) recorded in September and came in below the market expectation of +0.1%.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.