JPMorgan to $80 by October 2022

JPM

Jamie Dimon and his army of minion traders at JPM are printing the classic bear pattern of a H&S top (green). Measuring that formation, that should put us at a local bottom sometime in October.

From there I would expect the Santa Rally to be our retest of the neckline, before creating the base of the much larger H&S pattern in yellow. Measuring that pattern out gives me my price target of $80 when it is all said and done by October 2022.

And yes that is a price gap at $110 (purple box) that I expect to be filled in these moves.

- Penny