JP Morgan Chase Co.: wave analysis | FX Signals

JP Morgan Chase Co.: wave analysis25 January 2017, 09:24

Entry Point84.74
Take Profit90.50
Stop Loss82.70
Key Levels77.38, 82.95, 90.50
Alternative scenario
RecommendationSELL STOP
Entry Point82.90
Take Profit77.38
Stop Loss84.70
Key Levels77.38, 82.95, 90.50
Upward trend is strong.
Assumingly, an upward impulse in the third wave iii of 5 of the higher level continues forming. Locally, a downward correction in the fourth wave (iv) of iii of 5 of the lower level seems to have finished and if the assumption is correct, the price is expected to continue growing towards the levels of 90.50, 93.00. Critical for this scenario could be the level of 82.95.
Main scenario
Buy the instrument above the level of 82.95 with the target at 90.50.
Alternative scenario
The breakdown and consolidation below the level of 82.95 would allow the price to fall to 77.38.