JPMorgan Equity Premium Income ETF – Elliott Wave technical analysis [Video]

JPMorgan Equity Premium Income ETF – JEPI (one-day) Elliott Wave technical analysis

• Function: Major Trend (Minor Degree, Grey).

• Mode: Corrective.

• Structure: Triangle.

• Position: Wave [c] of C.

• Direction: Decline.

Analysis overview

• The bearish trend remains in force, approaching the completion of wave C within the triangle pattern.

• The $56.71 low of wave [a] has been breached, confirming the zigzag structure.

• Signs of wave extension in wave [c] indicate that a complex zigzag may not be forming.

• Once wave [c] completes, a rally is expected in the form of three corrective major waves to form wave [d].

• If wave C follows a WXY structure, the three corrective waves will be short-lived to form wave [x] of C.

• The guideline of wave equality is expected to be fulfilled at $55.60.

Invalidation level: $59.73

JPMorgan Equity Premium Income ETF – JEPI (four-hour) Elliott Wave technical analysis

• Function: Major Trend (Minor Degree, Grey).

• Mode: Impulsive.

• Structure: Impulse.

• Position: Wave iv of (iii) within [c] of C (Minor Degree).

• Direction: Decline.

Analysis overview

• The downtrend is expected to resume once wave iv pullback is complete.

• Wave iv is likely to terminate around $57.50.

• The next movement should be impulsive, pushing JEPI towards the $55.60 target.

• Any movement above the invalidation level suggests that the market is in wave [x] or that wave [c] is forming a more complex structure.

Invalidation level: $57.83.

Conclusion

• The decline in JEPI remains ongoing, and it is premature to conclude that wave C is near completion.

• Once wave C completes, a rally forming wave D is expected.

• Strict adherence to Elliott Wave rules and monitoring invalidation levels is crucial to avoid unnecessary losses.

JPMorgan Equity Premium Income ETF – Elliott Wave technical analysis [Video]