JPM Forecast 7/25/2015

JP Morgan Chase (JPM) has exhausted itself to the upside, and is poised to set up a shorting opportunity. The price challenged the highs of the red zone from the previous forecast, then turned lower to form what is likely to be the head of a new head and shoulders reversal pattern. Aggressive traders could take short exposure with the knowledge that the downcycle is likely to be short lived…the “real” trend reversal will likely be in the form of a lower high or “shoulder” that forms the late next week or the week thereafter.