Elliott Wave Analysis & Forecast, #BAC, M1, 20160405

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Today I received request from my follower to analyze BAC             has it is heavily traded share by volume . In my view Green wave finsihed near 55 area in 2006 and then prices has been correcting in green wave . We are seeing this correction as a form of zigzag ABC where red wave A completed its five wave structure and red wave B also completed its three wave structure in form of blue abc , but keep in mind we cannot rule out the alternative scenario in which red wave B is not completed yet and forming a triangle. If this is the case, support at 10 will protect this pair going downside and to complete red wave B one more upside toward previous Resistance 17 is required.

Breaking below the support 10 will indicate that red wave B has formed top near 18 and wave C started to its target near 1 before long term trend will resume towards 100 or even higher.

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