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]