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.
muhiuddin
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.
muhiuddin