Monthly version of $JO. It looks like we are completing a pattern that has occurred before, just on a larger level. We are currently sitting on major support from the 2013 low, so it may put up a fight for a month or 2.
However, I believe it will follow the multi-year trendline
(in green) & complete this current pattern at the 123.6 extension (like the larger pattern did), where there happens to be confluence from other extensions as well.
Additionally, we also have a bearish
Tenkan/Kijun cross after a failed flip. I see $JO being ~$15 before EOY. Accumulatio has also been dropping to new lows but RSI
still has room to match the ATL
. I will re-evaluate once we get to a new low for an opportunity to buy.
Love the symmetry here. Good Luck. This is all IMHO.