JPMorgan Chase & Co (JPM - NYSE) is in (W)(X)(Y) complex corrective double zigzag wave pattern and wave (W) & (X) has been completed. The (X) wave took 0.618 times of wave (W) by price. It is very weak compared to SPX and about 11.5 % holding value of XLF etf. It has now begun the (Y) wave cycle downside. Wave A impulse drop completed today in five wave and correcting up in B wave, which might take 1-3 days to complete. Thereafter wave C will be started again in down direction. This stock is major indication that XLF will go in down direction. The wave pattern is resemblance to BRKb.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.