JPM Voo Doo – redux
Folks, we have now closed above the PATTERN level. If we get thru 63.63 on a weekly close then this PATTERN has failed and JPM is off to the races. Again, this is a MONTHLY PATTERN. When they fail … things really take off. WATCH CLOSELY!
Folks, almost a year ago this pattern was ID’d on JPM … pretty crazy hugh? here’s the updated chart – pattern appears to be hanging in there. any daily close above, say, 63 would be a pattern failure IMHO.
again, before hitting the sack, it simply amazes me that I can sit here in my home office w/ a computer drawing lines and come up w/ a NUMBER that the market will respect. Just checked and the average daily trading volume is roughly 10MM shares a day. folks, I don’t know but that’s a lot of shares …
so, for whatever reason, way before it ever got to the NUMBER 61, a simple PATTERN RECOGNITION dude ID’d the pattern and pointed it out ….
whomever is BUYING or SELLING those 10MM+ shares/day decided to stop BUYING at/around that EXACT number …
yup, pure VOO DOO …
let me know if you want to push the I believe button ….
one last chart .. actually presented this chart at the MTA’s annual symposium and it’s the EXACT LOW (real time) of the JPM low in 2009.