AXP, BAC, C, GS, JPM, V updates 02/07

AXP: Now clearly in major-4. Target zone is given. Unclear if all of 4 has completed. Nice retest of 200d SMA for sure. Major-2 was  multi-month flat correction. Major-4 a fast and furious zigzag? So far a nice zig-zag (red a, b) is certainly in place. Note the MACD is dropping -1, which during major-2 and intermediate-ii signaled great buying opportunities (green squares). In addition, an A.I. buy signal is being generated. Longs can be entered on any weakness. Set stops at own comfort level or below 88.51, which is 7% below current levels of writing and within acceptable norms.



BAC: Two possibilities. Either 5 waves up off the February 2016 low have completed (v, 5) or we need to see a few more waves: red iii, iv and v to black 5. I personally prefer the latter. New ATHs will confirm this more Bullish count. Thus a break higher can be longed. Other than that, not so much.



C: Counts best as having completed intermediate-iii of major-3. If we relate this count to BAC than BAC should be in the more bullish count as well. But, correlation is not causation, so we’ll treat every chart on it’s own. Also here, intermediate-iv has almost reached the ideal 38.2% target, which is typical for a 4th wave. Buy signals are setting up. Can long this with stop at $70. That’s less than a 10% draw down from current levels, while upside potential is 30% given that intermediate-i was $22 long.

C daily


GS: Big picture view on this one, as it hasn’t changed since my last update on it (see here). Counts best as intermediate-iii complete and iv underway. Ultimate target for Cycle-C is $320s. Thus there’s a nice risk reward here of $60 upside vs ~$20 downside.

GS monthly


JPM: Also here, like GS, the big picture as presented in November last (see here) remains the same and has been rather spot on. All price did was go higher than expected (grey arrow had $110, reality got us to $120 🙂 ) That’s a good thing. This mean intermediate-iv is underway, but it won’t go to $95 as forecasted in November (and still shown here), but to $105 (since iii went $10 higher than forecasted, iv will also go $10 higher), etc. This week price hit $103 and may already have bottomed, though a more complex and longer iv is anticipated. Plenty of upside left though easy money has been made as many 3rd and 4th waves are unwinding. Similar to the indices.

JPM monthly


V: No surprise here, as it’s following along the same tune as the prior stocks in that major-4 is underway. So far the correction stalled exactly at the 23.6% retrace of all of major-3… Funny how that works huh!? That could be all for 4, or only intermediate-a of 4. I’d prefer the latter. There’s great support at $105/$106, which is also the 38.2% retrace of major-3, and the lower end for a 4th wave. This one is in a wait and see mode. New ATH: major-5 underway for sure. Below yesterday’s low and major-4 to $105ish is underway. Simple.