Last Friday I showed this chart for JPM that had a huge gap breakout. I put on the chart a black dashed down sloping trendline that was made off the 2011 double bottom. Whenever I have a double bottom or H&S neckline I always like to extend them out in time as they can still offer some support or resistance whichever the case maybe. Today JPM gaped the double bottom extension rail, red circle, which is telling me JPM is very weak. Normally you might get a bounce and then come down to break the extension rail. That double bottom extension rail will now reverse it’s role and act as resistance,
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As you will see Rambus (Dave) has prepared us for this difficult period by being one of the only ones to see and warn about this incredibly debilitating PM smackdown
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