Perfect Forecast of JP Morgan.The Power of Alternative.

On 8th June, I posted an analysis here titled JP Porgan as caught on elliot wave on how I expected JP Morgan stock price to move in time to come.

I had two scenerios. While I favoured the first, I kept an eye on the second. i wrote about the favoured analysis below.

''Prices are tending high in a non-overlapping impulsive trend. The recent rally which I labeled as the third wave of the impulsive move is ending in an expanding diagonal formation.

 

 In expanding diagonal, wave 5 is greater than wave 3 which is greater that wave 1; wave 4 is greater than wave 2 and the connecting trendlines, upper and lower, show that prices should continue the rally to $70 where a minor dip to $65 region  is very likely before a further rally to probably $72.''

 

What happened afterward?. Price rallied to $70, dipped to form the 4th wave in a zigzag correction at $65 and now advancing toward $72. We will see price reaction at $72.

 

 

 

There could be a major slump in the price of Jp Morgan soon. We can watch and analyse with the help of elliot wave theory.