The idea of a large diagonal that takes up most of the 3 year chart is still perfectly valid. In fact I would count it among one of the cleanest and best proportioned I have ever seen and this adds to the credibility. However at this point we are less than 40 points away from having this scenario negated by surpassing the old peak at 13 662. If it does I will pack up for a month as I cannot take much more of this.
GS is still in track from a month ago. It looks like we are either going to have a diagonal C wave , or a triangle B wave followed by a C wave. Both interpretations will be negated with a move above , give or take , $149
Roughly a year ago it looked like JPM had already completed, or was about to complete, a nice a-b-c counter-trend rally at around $36/$39. This obviously proved to be wrong. Instead the stock was working on a much bigger a-b-c. One cannot be entirely sure but it does fit quite well. The company reported a 53% gain in earnings today and the stock goes down in pre-market trading. This stock has now hit the upper line at least 7 times and is valued at levels reached first in 2004. The amazing thing is that despite all changes that have been made, or will be made, that the stock is still up here. A sell .
See previous blogs. Stock may have completed a rather compressed triangle, or there simple was not one or one still has to come. In all cases $16+ is a good exit point. Nice profit too.