JPM should close this week on daily chart at about $150. In the next few weeks I’m expecting price to hit $147, then bounce back to about $156 to create right shoulder of H&S formation. This would signal lower price in the coming months. Minimum price target of $128 once neck of $147 is penetrated to the downside. We can also expect $116 being reached further down the line, but that’s TBD.
This is in line with my analysis on financial sector using XLF ETF as a base (in linked article). It’s going to be interesting how big of an impact it will have on SPY.
This is in line with my analysis on financial sector using XLF ETF as a base (in linked article). It’s going to be interesting how big of an impact it will have on SPY.
