Last time 4xQuad opined on a potential primary target ("TG-1"), it took it DEAD-ON right before the bears pummeled price down.
At this point, we are calling a rather abysmal target, TG-1 = 42.88. This target might be a bit premature, but our has drawn the line at that level, so we felt we should keep our readers alert and on their toes.
At the current 52.00 level, price remains buoyant until the psychological plug is pulled. If and once this structural level allows price to sink past it, then the floor might open to our target.
Once a market conversion to the downside occurs, we will revisit JPM with finer granular technical details. Until then, keep on eye on those bears!
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