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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (125705)	11/2/2005 12:39:49 PM
From: Henry J Costanzo	Read Replies (1) of 209892

Freep....I am a little slow, and a little constrained, dealing with JPM given my current computer situation. What we may be seeing is JPM beginning to catch up with its more advanced brethren....Looking at the Big 5....BAC, WFC, WB all well above their 2000/01 levels......while C and JPM both still down substantially from their best...2001 ...levels..... And that could present an unusual buying opp.....JPM return to its early 2001 high would mean tacking on some 50% from here. I see nothing TA-wise supporting that, but EW on the weekly, as you say, looks very much like a 5 wave could launch from here and get to those levels... On the daily...at the moment....methinks we.re hitting a strong R area, and any buying interest might be better deferred for some pullback here.......BTW the extended weakness in this stock has left behind a still falling 200dMA....which, if it straightens out here, might serve as a good support level (35ish) In short..not much help here....but hope this adds a bit...gg

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