Looks like we're forming a rising wedge on this chart, with a possible 5th wave in the process.
There's 3 options I see to short depending on risk tolerance.
1. if 5th wave if truncated, Short on rejection
2. IF 5th waves at major resistance Short.
3. Short on completion of Wedge + break of wedge support.
BAC hasn't enjoyed the same V shaped rallies other stocks have. Bullish sentiment is expected to be relatively low given an expectancy in rising debt defaults, related obviously to the rising unemployment rates (now at 26mil+) and businesses that aren't able to generate incomes to cover their liabilities, creating something of a domino effect across the board.
There's 3 options I see to short depending on risk tolerance.
1. if 5th wave if truncated, Short on rejection
2. IF 5th waves at major resistance Short.
3. Short on completion of Wedge + break of wedge support.
BAC hasn't enjoyed the same V shaped rallies other stocks have. Bullish sentiment is expected to be relatively low given an expectancy in rising debt defaults, related obviously to the rising unemployment rates (now at 26mil+) and businesses that aren't able to generate incomes to cover their liabilities, creating something of a domino effect across the board.