JPM update

jpm june 24 2013 2

jpm june 24 2013

This is a double take on JP Morgan, using Yahoo and Globe & Mail charts (see also previous blogs). As always the charts can be enlarged by clicking on them! JPM is arguable the most prominent US financial institution having once played the role of quasi central bank. Where it goes should tell us a thing or two about where the US financial system as a whole goes.  EW is  invariable full of nasty ambiguities which makes the counting of the sequences difficult. In this case we have a long triangle or a short one. These constructs occur only in 4th waves or B waves (including the B within a B-wave). It has to be one or the other. In the former case , a 4th wave, the target is around $70 and the timing could be years out still. In the latter case, a B within a B-wave, the target is more like $60 and the timing is “around the corner”, that is sometime in the next year or so. Both scenarios are positive for the moment but by the same token both will become very negative down the road. Our preference, marginally, is for the B-wave triangle (in black or purple).