Based on my analysis, there is a potential for the ongoing rally to initiate an upward impulse cycle. The chart suggests that the upward movement can be identified as an ABC pattern, rather than a 12-12 setup as previously counted. If this interpretation is accurate, it indicates a possibility of significant downward movement ahead. However, I hold a different perspective regarding the ABC count due to the prolonged duration of this correction. The extended timeframe suggests that it is unlikely to be a typical ABC wave 2. Instead, it appears more probable that there is further upside potential to be explored.
Trade closed: stop reached:
was a good setup but it looks like BAC is gonna range for a while. -1RR