As I mentioned in the last report, JPM is a weak stock, and the trajectory is against bulls. This rising wedge will break on the downside, and the stock will quickly fall toward 125 and the significant resistance level AKA BigRed. There is just not enough energy and buyers to keep this stock so high. It's game over for now. I'll give it a sell signal even though the break has not occurred, meaning entering with 50% of the position before the break happens.
The RSI has negative divergences, which is bearish. The MACD is starting to tick lower, and with the breaking out of the pattern, it will get a big red nasty tick.
Overall, there is not much to add to the last report. The only difference now is that the stock is even weaker as it wasn't able to reach the resistance line. This almost guarantees a drop in front of us. Prepare for a short position and enjoy trading with us.
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Big red 90% and below 100$ 60% during the first half of the year!
XLF aka financials broke from the rising wedge. Good night.
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Horror just started. For those who follow, no worry even if this bounces a little bit this is just the beginning of the drop.
The chart will be updated when needed or ill made whole new analyses.
90% chance that IT Will fall at bigred aka 200 days Ma, and around 60% chance IT Will test lows from 2022.
sorr my English is ....
UnknownUnicorn7131705
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What do you mean by big red 90% and 60%?
UnknownUnicorn7131705
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Where do you see the final bottom?
Consistent_Trades
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@tintin300, TA can't predict the final bottom neither can any other method in advance. You can stay here with me, following and for sure when I see a strong reversal I will make a new report. I am a trader, I go in and go out when odds are in my favor. I don't care where the price is going, I don't care for emotions, or tops or bottoms.
For now, from chart, I can see we will drop and I see a major support level. One of the strongest ones is BigRed aka 200 days MA.
Nobody can say where is top or bottom. The one who is saying that is lying.
In the end, you don't need to know what will happen next in order to make money.
sorr my English is ....