JPM: Time for a correction - Bears may take control of pricesJPM: Time for a correction - Bears may take control of prices
From our previous analysis posted on 07-Jun-2024, JP Morgan completed the harmonic pattern perfectly and fell by almost 11.63% after the release of earnings reports.
On July 12, 2024, JP Morgan reported good ER data and above expectations. However, taking a profit is part of the trading process which moves the price down for correction in an uptrend.
Considering that we have the bearish pattern showing overextended conditions in JP Morgan's price, and also the fact that ER will always be positive given its strong position, it is possible that we may see the price of JPM fall further as shown in the chart.
You may find more details in the chart!
Thank you and Good Luck!
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