Saturday, June 25, 2011

JPM - June 25, 2011

Previous JPM Post

The 4th wave triangle I had for JPM did not pan out. Instead of breaking to the upside, it broke to the downside. It did not make the final 5th wave along with the indices in early May.  The ABC zigzag required it to finished notably higher than A, which did not happen. It topped out just at the same price as A. So it is not a zigzag. I have noted a few other examples where the wave C ended in the vicinity of A.

Perhaps this is a yet undocumented corrective structure. An ABC "shortened flat", (versus an expanded flat), where B retraces like that in a zigzag, but C ends in the vicinity of A like a flat. The subwave structure is still 5-3-5 like that of a zigzag.

The supposed triangle I had, has transformed into a dubious looking leading diagonal. This is a very interesting, and I am very curious to see what develops here next.

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