Elliott Wave Analysis for JP Morgan & Chase Co. (JPM) - July 29, 2024
Our latest Elliott Wave analysis on JP Morgan & Chase Co. (JPM) examines price movements, providing insights to traders using the Elliott Wave Theory. This analysis offers a detailed look at both daily and 4-hour charts, highlighting potential market trends and structures that could present trading opportunities.
JPM Elliott Wave Analysis - Daily Chart
JP Morgan & Chase Co. (JPM) Daily Chart Overview
Technical Analysis: Trend
Mode: Impulsive
Structure: Motive
Position: Minor wave 5
Direction: Potential top in place
DETAILS: In the daily chart we explore the possibility of having a top in place and we’d be expecting a larger correction on the horizon. We’d need TL 200$ to turn into resistance.
JPM Elliott Wave Technical Analysis – Daily Chart
The daily chart indicates that JPM might have reached a significant top in Minor wave 5. If this is the case, a larger correction could be on the horizon. Traders should monitor the $200 level closely; if it turns into resistance, it would strengthen the case for a top being in place and the start of a corrective phase.
JPM Elliott Wave Analysis - 4H Chart
JP Morgan & Chase Co. (JPM) 4H Chart Overview
Technical Analysis: Trend
Mode: Impulsive
Structure: Motive
Position: Minor wave 5
Direction: Possible completion of wave 5
DETAILS: Here we take a look at the alternate count, suggesting one more leg higher could be due.
JPM Elliott Wave Technical Analysis – 4H Chart
The 4-hour chart provides an alternate count, suggesting that one more leg higher could still be due before completing Minor Wave 5. This alternate scenario should be considered, as it indicates the potential for a final push upwards before a significant correction sets in.
Technical Analyst: Alessio Barretta
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See Previous: Avery Dennison Corp. (AVY) Elliott Wave Technical Analysis
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