22Feb

JP Morgan Chase & Co.(JPM) Elliott Wave Technical Analysis: Optimistic Outlook as Upside Momentum Gathers Steam

JPM Elliott Wave Analysis Trading Lounge Daily Chart, 22 February 24

Welcome to our JPM Elliott Wave Analysis Trading Lounge, your premier destination for comprehensive insights into JP Morgan Chase & Co. (JPM) using Elliott Wave Technical Analysis. As of the Daily Chart on 22nd February 2024, we explore significant trends shaping the market.

JPM Elliott Wave Technical Analysis – Daily Chart

FUNCTION: Trend  

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor wave 3 of (3).  

DIRECTION: Upside in wave {iii} of 3.  

DETAILS: After a series of ones and twos around Medium Level 150, we are looking for continuation higher within wave 3 as we seem to be moving higher, with increasing volume, but a concerning RSI bearish divergence.

In terms of wave dynamics, we observe a dominant impulse function with a motive structure. The current position is in Minor wave 3 of (3), indicating upside momentum in wave {iii} of 3. Despite a series of consolidations around Medium Level $150, we anticipate further upside continuation within wave 3. Although we observe increasing volume, a bearish divergence in the RSI warrants attention.

Technical Analyst: Alessio Barretta

JP-Morgan-day-Sock-c...

 


 

JPM Elliott Wave Analysis Trading Lounge 4Hr Chart, 22 February 24

JPM Elliott Wave Technical Analysis – 4Hr Chart

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (iii) of {iii}.

DIRECTION: Upside into wave {iii}.

DETAILS: Looking for acceleration higher into wave (iii) of {iii} as if the count is correct, we should accelerate higher aggressively and a break south of 172$ would invalidate the count.

Here, the wave function maintains its impulsive mode with a motive structure. The present position is in Wave (iii) of {iii}, signaling further upside movement into wave {iii}. We anticipate acceleration higher into wave (iii) of {iii}. It's important to note that a break below $172 would invalidate this count.

Technical Analyst: Alessio Barretta

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See Previous:  NVIDIA Corp. (NVDA)

JP-Morgan-4h-Sock-ch...

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