With indexes turning south ahead of FED announcement JPM is affectively a pig flying here trending up after some big consecutive gaps below that should be very unstable and see JPM have a big fall.
And there may be some whipsaw following the rate hike announcement but JPM is in a very weak position here.
It has been drifting in this limp ascending channel and has now hit a 1:0.618 fib extension which i think will very likely be or be very near the top.
It also just passed the 0.382 retracement from the top which.
In addition it has popped up passed the 200 week MA and this will likely prove to be an SRP shakeout reversal pattern once it falls back down.
Once whatever whipsaw resolves this could be heading down in a hurry.
SPX analysis linked.
Not advice.
And there may be some whipsaw following the rate hike announcement but JPM is in a very weak position here.
It has been drifting in this limp ascending channel and has now hit a 1:0.618 fib extension which i think will very likely be or be very near the top.
It also just passed the 0.382 retracement from the top which.
In addition it has popped up passed the 200 week MA and this will likely prove to be an SRP shakeout reversal pattern once it falls back down.
Once whatever whipsaw resolves this could be heading down in a hurry.
SPX analysis linked.
Not advice.
Note
Note
I exited this to avoid the whipsaw but now JPM has printed a nice SRP upper wick candle through the 1:0.618. I will probably re-enter soon.
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Your FA guru can't read a chart💭
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
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