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​ JPM Elliott Wave Bullish Structure


The Elliott Wave view for JPMorgan Chase (NYSE: JPM) suggests the rally from February 2016 low (52.5) to 03/01/2017 peak (93.98) have ended wave (3). The pullback from there unfolded as zigzag ABC structure which ended wave (4) at 06/01/2017 low (81.79). Up from there, the stock rallied in another zigzag structure before ending that short term cycle after reaching extreme on 07/06/2017 peak (94.51).

Therefore, JPM made new all time highs and it’s now showing 5 waves from 2016 low and still looking to reach the minimum target at $100.5. The stock can either rally from current levels as it already did 3 waves pullback and reached short term equal legs area 90.9 – 89.39, or the correction can still extend further toward the 50 – 76.4 Fibonacci retracement before finding buyers again to rally to new highs or bounce in 3 waves at least.

However if JPM fails to make new highs and the pivot at June low gives up, then the stock could be still in wave (4) doing an Irregular Flat correction which can take it toward 82-97 area before being able to resume the rally.

JPM 4H Chart 07/20/2017

The market conditions have changed over time, so instruments can now be trending higher or lower in series of 3 wave sequences rather than impulsive sequence and this can be frequently seen in the forex market. No one is perfect and we don’t claim to have 100% accuracy, but a system with high accuracy acts as a great trading tool because forecasting is a process of continuous adjustments. A waver (trader) needs to accept when an idea doesn’t work out and adjust to new data.

 

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