Long

Elliot Wave Model for JPM

Updated

There are a lot of different models for this, and It's hard to determine, but some of the models I have seen have the first wave forming at the first high after the covid sell-off (96.55), but I consider that cluster part of market chaos/confusion and consolidation and therefore part of the formation of wave 1, which saw a high 103.47, wave two was a relatively short pull-back from mid April to mid-May followed by wave 3 that reached nearly 115 high. I believe we have been in a long drawn out pull-back since, wave 2 was relatively short and concise, and as such, it makes sense that wave 3 has been longer and meandering (and utterly frustrating), as this is typically the case with waves 2 and 4 (when one is long the other is short or vice versa). At this juncture we may be heading into the beginning of wave 5, where we will break the pre-covid highs in the region of 125, after which we will begin a new cycle.
Enjoy, thoughts please.

Note

Correction to the above:
Actually, wave 1 saw the highs of 115, I believe the pullback of wave two is ending now---which has been long and torturous. but a this juncture I do believe we are beginning wave 3 to break 115, then wave 4 for quick pullback (opposite of wave 2), and onto wave 5 to surpass the pre-covid highs.
Ostensibly we are in flux finishing up a long pullback from June, but not quite progressing upwards---wave 3 is taking the scenic route to it's trajectory.

nycmary

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.