$JPM Navigating a Narrow Channel
Updated
JPM has 2 plots playing out, a rising wedge nested with a larger broadening wedge. We have negative divergence showing up on TSI & RSI showing that we might reach an early peak in current weekly cycle. Though price is above the a horizontal resistance, there is a higher probability that this is a false breakout.
A weekly swing high can be a signal for an entry with expectation we break below wedge support.
A weekly swing high can be a signal for an entry with expectation we break below wedge support.
Comment
JPM challenged the broadening wedge resistance but got an instant smack down. This ensured a swing high & price must begin decline to a weekly low.
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