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WellTrainedMonkey

JPM: Potential 3-Drive formation for -20% downside

Short
JP Morgan Chase (NYSE:JPM)  
WellTrainedMonkey  
NYSE:JPM   JP Morgan Chase
Trend Analysis Harmonic Patterns Chart Patterns JPM 50sma
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trendanalysis harmonicpatterns chartpattern jpm 50sma
I don't particularly think the CAT, WHR and NVDA results bear well for the market nor the economy in general and JPM is probably one of the biggest proxy out there. Recent price action has stalled at the 50-days moving average and a "support-turned-resistance" level; I personally do like buy/short breakouts/downs which had retested prior support-turned-resistance and if we extrapolate the 3rd leg of this potential 3-Drive formation, it is a -20% downside objective.
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