JPM to $156, then $128

JPM should close this week on daily chart at about $150. In the next few weeks I’m expecting price to hit $147, then bounce back to about $156 to create right shoulder of H&S formation. This would signal lower price in the coming months. Minimum price target of $128 once neck of $147 is penetrated to the downside. We can also expect $116 being reached further down the line, but that’s TBD.

This is in line with my analysis on financial sector using XLF ETF as a base (in linked article). It’s going to be interesting how big of an impact it will have on SPY.