JP MORGAN Expect a 1D MA50 correction before it turns into a buy

JP Morgan Chase (JPM) posted a strong bullish leg on our last analysis (September 17, see chart below) that easily hit our $229 Target:

From a wider perspective on the 1D time-frame, the price is now right at the top of the 13-month Channel Up on an overbought 1D RSI and a 1D MACD that is about to form a Bearish Cross.

All previous Higher Highs of the pattern formed MACD Bearish Crosses and pulled back to the 1D MA50 (blue trend-line) on a minimum of -7.35% correction. Note that the 1D MA200 (orange trend-line) never broke, so as long as it holds, the long-term bullish trend is intact.

As a result, we now expect a pull-back to the 1D MA50 and a minimum of -7.35% decline puts the Target a $236.00.

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