BAC, C, JPM, GS updates 08/15

BAC: Counts best as having completed five waves up off its early-July low, which formed a classic wedge at the 23.6% retrace of major-3 (March high); which is a standard retrace level and price pattern for a 4th wave. Now wave-ii is under way to either current levels or a bit lower to the 61.8% retrace at $29.25; depending on if this was all of wave-2 or only wave-a of 2. I’ve no buy signals yet on my systems yet; but for those who trade price: a move over wave-i will go a long way to establish wave-iii to new ATHs is underway. Or you can enter here, with a hard stop at $28.



C: same deal as for BAC, albeit the first wave up (wave-i) is not so clear and easy to spot/count. Thus a little more reservation on that one. But price has moved into the target zone for a potential wave-ii; and as long as the 66-64 region holds we should expect it to move higher soon for wave-iii. A break above 74 wave-i high will confirm this thesis.

C daily


JPM: Also counts well as having completed 5 waves up off its early July low and now working on wave-ii. Seems like a retest of the 50/200d SMA would be an ideal wave-ii target as it would match the Fib-retrace levels well. But, no guarantees. For now all systems are on sell, and we need to see the technical indicators turn back up to suggest the low has been struck.

JPM daily

Big picture wise, this is the count I am tracking. And ideally major-5 of Primary-III should target $130-$135, which fits with a standard five-wave Fib-impulse pattern targeting $132-$140. From there a nasty primary-IV decline should take hold

JPM monthly


GS: Bit of the ugly duck of the banking bunch IMHO as its advance off the 2009 lows has been overlapping. It could have topped for another cycle wave or have a subdividing major-5 wave (alt-i, alt-ii). Given that I expect the other banks to rally it would be odd to see GS go the opposite way. If so, then we’re looking at -if major-5 doesn’t turn into an ending diagonal, which it very well may do (but which I can’t foretell)- to reach $320-$340… Let’s see what happens. A break below the support zone ($205) means Cycle-C is in; so that’s your cut-off IMHO.

GS monthly