J.P. Morgan Chase Co, (NYSE: JPM) is a financial company listed on Dow Jones 30. JPM has its origin in New York City by the end of 1799. Currently, the bank led by Jamie Dimon has a market cap over 356.5B.
Five waves in the Cycle degree
JPM in the monthly timeframe (log scale) shows a bullish sequence started on the latest of 1990. Using the canalisation process (read more), we observe that the price is running in the fifth wave. Another observation is the alternation rule that says, “if wave 2 is a simple corrective structure, the wave 4 will be complex.”
The fifth wave of the Cycle sequence
Now it’s time to make a zoon in the fifth wave of the cycle degree. In the JPM weekly chart (log scale), we observe that the five waves bullish sequence in the Primary degree is incomplete. In conclusion, we should expect a new record high for JPM. To refine our analysis, we’ll study what’s next in the Intermediate degree.
¿The end of the road?
The JPM daily chart shows the incomplete bullish sequence. Currently, in the Intermediate degree, the price develops a wave 4 as a complex corrective structure. The breakout could drive to JPM to reach all-time highs between $128.66 to $141.42. In this area, the price could complete the Intermediate degree. The invalidation level is $92.14.
In summary, JPM with the five waves of Cycle degree is completing a Supercycle move. But this is not enough to say that the uptrend for JPM is over. Descending in wave degrees, in the Primary degree, we observe that the bullish sequence is incomplete. For this reason, we look bullish targets. Finally, in the Intermediate degree, we note that JPM still is building a complex corrective structure. In consequence, a breakout should drive to the price to reach record highs. It is probable that the target will be above the upper line of the ascending channel.
Remember that the price is not compelled to move as our scenario implies. The charts published corresponds to the Elliott Wave Theory application.