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JPMorgan Chase (NYSE: JPM) Aiming for New All Time Highs

The largest bank in the US weathered the 2008 financial crisis as its stock has doubled pre-crisis levels.
ElliottWave-Forecast has built our reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Swing sequences, Distribution system and the Right Side system which consists of Right Side tags to inform clients of what side of the market should be traded and blue boxes to show areas for buying / selling. We provide precise forecasts with up-to-date analysis for 78 instruments including Forex, Commodities, ZN (10 year note yields), World Indices, Stocks, ETFs and Bitcoin.
ElliottWave-Forecast has built our reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Swing sequences, Distribution system and the Right Side system which consists of Right Side tags to inform clients of what side of the market should be traded and blue boxes to show areas for buying / selling. We provide precise forecasts with up-to-date analysis for 78 instruments including Forex, Commodities, ZN (10 year note yields), World Indices, Stocks, ETFs and Bitcoin.

JPMorgan Chase JPM is the largest bank in the United States. The stock has recovered from the 2008 financial crisis to double above its 2007 peak while the other top 5 banks are struggling to recover against the same peak.

US Banks Performance

Top 5 US Banks Performance

Looking at the monthly chart for JPM, we can view the 2008 crash from a technical angle as part of a larger 9 years, 3 waves correction which started since 2000, the dotcome bubble, and ended at the 2009 low. Up from there, the stock started rallying higher in an impulsive 5 waves structure making new all time highs along the way.

Based on Elliott Wave Theory, JPM is trading within the wave ((II)) which is considered to be the strongest leg in the entire cycle and therefore the stock will be seeking further gains until it ends the cycle from its 2009 low. Currently, JPM is advancing in the 5th leg of wave (III) which will be followed by a pullback in wave (IV) then again the stock will resume the rally higher.

JPM Monthly Chart 04.23.2019

JPM Monthly Chart 4.23.2019

Switching to the 4H chart for JPMorgan, we see the current bullish cycle, which started since the wave IV low in December 2018, approaching the target area around the 100% – 161.8% Fibonacci extension area of $115.40 – $126.10, from where short term pullbacks can be seen in 3 or 7 swings before further upside takes place.

JPM 4H Chart 04.23.2019

JPM 4H Chart 4.23.2019

We use our proprietary pivot system to tell us when a cycle has ended, so we need to switch to a different degree. Consequently, as long as the pivot at the $98 low remains intact, JPM will remain supported, and it will be aiming to break higher above the 2018 peak making new all time highs.

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