Monday, January 3, 2011

JPM Completes 3 Wave Rally

This morning it seemed there was a lot of buzz about the financials being strong, but if JPM is any indication, it appears the rally in the financials is very near completion.  JPM looks to have completed a 3 wave rally in wave X from the July low.  There is a very clear triangle for wave [b], and wave [c] has reached the parallel trend channel for the move.  It could still move higher of course, but even so, the upside should be limited.  The downside target for wave Y is 30 to 32, which may be an excellent buying opportunity in a few months.

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