We've been tracking JP for a while. Looking to see if bears can take control of the market. I'm not sure if we've forgotten to post analysis on this or if I just can not find it, but it's another to add to the list of sketchy looking banks.
We'll start with a bit of hindsight (Which I try to avoid to the extent it is possible but IDK if we posted this in real time or not)
Butterfly pattern:
Resources (Look for Butterfly): Resources Compilation: Harmonic Patterns - HoleyProfit.com
76 retracement:
Resources (See: The public trap): Typical stages of a market break. : BeatTheBear (reddit.com)
(See: 76 Retracements) Useful things to know in a market break : thetagang (reddit.com)
(See: Bear Market Rally) Understanding Market Bubbles: Bear Market Rally [Simplified Strategy] - HoleyProfit.com
Elliot Waves:
If this is going to be a down move our previous two swings would be waves 1 and 2 in the Elliot cycle. We'd be in wave 3 which is the strongest and biggest of the waves. We're a fair bit into where that wave would have started now and typically the market would be set to make a sharp bearish break and head into a strong down move.
Resources: (See Wave 3) Basic bearish Elliot wave structure for SP:SPX by holeyprofit — TradingView
The 161 Inflection Point
We've now gotten to the critical point. We're at a real decision level. 161s off the topping swing can make lows (It's a good area to buy dips as a bull) but if this rally fails to turn into a real bull move and only goes up a little and then makes a new low, we're triggering the 161 breakout trade. The target for that trade would imply at least another 7% off the current price (144 area).
Resources (See 161 in a Fall): Understanding Market Bubbles: The Importance of the 161 in a Fall - HoleyProfit.com
(See 161 Breakout Strategy) Understanding the 1.61 breakout strategy [Newbie friendly] : HoleyProfit (reddit.com)
JP Morgan goes onto the sketchy banks list. Collection of sketchy bank setups : BeatTheBear (reddit.com). Major inflection point 150. Very strong chance of dominant bears under there.
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