JPM did drop out of the rising wedge and once again show how rising wedge and falling wedge are very powerful patterns, I would say the most powerful trading patterns. JPM needs to consolidate a little bit more before the next move. For bears would be best to consolidate for several more days above BigRed and then start to drop like a stone below it. For bulls I can't say anything, I believe there are not many bulls as people should understand how big a problem this is.
JPM is forming a low base now right at BigRed. Break below it would be considered as the low base is triggered and a new short position would occur.
RSI is not oversold yet so there is still some room to drop. MACD is showing some signs of life but it will be enough just for consolidation.
Good luck everyone.
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I am 90% sure consolidation is over or near over and we are ready for a massive drop! Question is will it be before the report or not, but the hard drop below BigRed is almost sure
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I don't see any other way how this could play! FRC is just top of the ice, only start of this drama, yet FED need to hike rate more!
@tintin300, not yet. Hope none did trade over earnings. Reason is obvious. Update will be in few days. For me, this could be huge Head and shoulder pattern. We will see with time
@tintin300, in 10 days they will have a report. If you are long good luck, you will need a lot of luck to survive.
If you are short I would close if two things occur: rise above 200 days MA with a volume and close there or the day before the report.
If you are in cash and thinking of shorting it, I would wait. It is in some kind of bear pullback/bear flag/rising wedge formation and with a break below its lower trend line would be nice to enter short.