rigorocks
Long

BAC 1hr chart bounce incoming?

NYSE:BAC   BANK OF AMERICA CORPORATION
here is another awesome potential setup coming soon. its looking a lot like my doge/btc chart lol. casting a nice ladder into this correction can be very profitable. as we work out the elliot wave into smaller groups we notice that we are carving out a potential 5 wave sequence(in purple to our fib targets.when we dig into our 5th wave(in purple) we notice another 5 waves in the making (in yellow). this is just elliot waves insaide of elliot waves. if you can identify them into smaller time frames then its possible to ID a bottom area. when you match it up with fib targets, support zones and chart patterns you begin to build your case. we are trading into this wedge pattern with rsi and the macd showing clear divergence (red). the green box is my target zone.

let the patience flow as we wait for this trade though.it might be today or next week when the target is reached, no one knows when but targets are there so set alerts..we dont always have to be in a trade.i wait for the right one or dont get in.there will always be another chance if you miss it.caution should always be taken so stick to those stops and know when to cut your losses. losses are a part of the game. but when the reward to risk is there we at least have to try. lets remember that this asset is still below the 200 ema on the daily chart so this bounce is just that, a bounce.my lower target is sitting at 23.50 and it has the weekly candle touching the weekly 200 ema .for me as an options trader these small bounces can make my month though. i really hope my analysis has helped you gain perspective. good luck guys and gals


rigo
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out