JP Morgan Chase Co.: wave analysis

Timeframe Weekly
Recommendation BUY
Entry Point 84.74
Take Profit 90.50
Stop Loss 82.70
Key Levels 77.38, 82.95, 90.50
Alternative scenario
Recommendation SELL STOP
Entry Point 82.90
Take Profit 77.38
Stop Loss 84.70
Key Levels 77.38, 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.

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