I’ve been watching the financials, junk bonds and other important stocks …depending on the closes today. Here’s some important island reversals …
WATCH THE CLOSE:
Island Reversals
Tag: JPM
JPM redux – May 24, 2023
Last post on JPM: https://bartscharts.com/2023/05/21/jpm-may-21-2023/
Well, folks, the SELL PATTERN on JPM has worked so far and…that’s not good folks. I REALLY DO NOT care what your political affiliation is …in my simple mind you are a HUMAN and I AM connected to YOU.
So … this is a hard post. We are on the verge of a really important moment … and, frankly, I’m just going to say it on this blog:
KEEPING THE POLITICS OUT OF IT:
If JPM BUY PATTERN works – up up an way. The “metaverse” of the “real” world just continues to weave into Idiocracy.
IF JPM BUY PATTERN FAILS – it’s time folks. Stock up on REAL TANGIBLE ITEMS and be a good HUMAN …
It is that simple …
JPM – May 21, 2023
This is a long term monthly count from JPM that stretches back 50+ years.
Folks, certainly doesn’t “feel” like a 5 wave move in JPM is complete but the count doesn’t break any rules so … 5 waves complete?
Here’s the daily chart below – calling attention to the island reversals and the island reversals that could be at play – right now. Here’s the last post on it: https://bartscharts.com/2023/05/04/jpm-may-04-2023/
Well the count will either be correct or it won’t (yea I know, dugh) but .. here’s the 60 minute GART SELL PATTERN that hit so IF this pattern works THEN JPM should start back down which will put pressure on all the banks. IF this PATTERN FAILS then expect the daily .618 and .786 above to get attacked and, potentially send JPM off to new highs.
But, for now, pay attention the SELL PATTERN present on JPM:
JPM – May 04, 2023
Pay attention to this PATTERN on JPM daily. The past 3 major tops have gapped down and the last two have created island reversals. IF (the BIG IF) we gap down today and leave and “island” then this could be very troubling for the banks and, historically, has led to a pretty big down move in JPM.
No idea if that will happen in the coming days but, again, the TIME is perfect in it’s relation to the the all time high PATTERN and the price is off just a wee bit .. essentially we have the same exact same set up as the high .. now, TIME will tell.
on a monthly level, the “blue measured move” certainly looks to be harmonic w/ JPM. the most recent high in/around mid 140’s was exactly equal to the blue measured move … again, keep an eye on JPM as it’s appears to be the big dog helping out the troubling regional and smaller banks.
If (again the BIG IF) we gap down in JPM to create an island then this big dog could be signaling a much bigger credit crunch on the way.
update for the JPM geometry
blogged about JPM a while ago: https://bartscharts.com/2018/08/30/jpm-and-tops-of-circles/ saw a bunch of geometry coming in around 120 and, thus far the geometry has held for almost 1.5 years .. would stay away until this level is exceed on a monthly close above the 120 level … geometry is holding it …
JPM and tops of circles
if you do a search for JPM on this site you’ll see it’s pretty much ‘paused’ at every PATTERN out there but ultimately broke thru and kept going higher w/ strength. Good on em’!
we are again at a PATTERN completing. Top of a circle, 1.618 price projection from the all time low, 2.71828 (natural log (found all over the Great Pyramid OBTW)) extension and some Adams pitch fork trend line stuff ..
so in the world I live in that’s the reason we have stopped in/around the 118 level.
note, when working w/ geometry look at how the market reacted to your work .. the dashed purple circles show how the ‘arc’ was support and when it hit 3 o’clock on the circle it exploded .. this just gives you credence that the arc is being respected.
note on the Adams Pitch fork that the ‘median’ line was responsible for resistance and support along the way up into these levels.
so what’s this all mean? lot’s of math in/around 118 so resistance is expected. is it a top or the top – I have no idea but I’d be watching carefully …
Bart
JPM update
10/21/2017 – around a year ago the pattern below was defeated by JPM. as you can see from November 2016 it was a pretty big candle coming into this level.
we are now at another crucial level for JPM. 100-105 ‘should’ cause some stiff resistance. w/ the continued bullish movement of the overall market would definitely WAIT for a monthly/weekly SRC before selling or taking profits.
Bart
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11/19/2016 – update to JPM.
the pattern in/around the 60’s caused quite the chop fest but was, ultimately, defeated.
now, since the election, JPM has vaulted out of the gate into the ‘big AB=CD’ and extension area … because of such a big candle coming into this level, it begs of caution if trying to short – perhaps look for a weekly or daily signal reversal?
wrong above 84 …
B
JPM update
11/19/2016 – update to JPM.
the pattern in/around the 60’s caused quite the chop fest but was, ultimately, defeated.
now, since the election, JPM has vaulted out of the gate into the ‘big AB=CD’ and extension area … because of such a big candle coming into this level, it begs of caution if trying to short – perhaps look for a weekly or daily signal reversal?
wrong above 84 …
B
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.
11/19/2013
JPM Voo Doo
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.
11/19/2013