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Short

Elliott wave 1Y forecast - prices could decrease sharply

NYSE:BAC   BANK AMER CORP
The uptrend in the long term could be stopped by this level and prices could decrease sharply in the coming sessions. Technical indicators and the bearish divergence red trend line, show an overbought situation that reinforces this bearish scenario. Thus, there is a higher downside potential than upside.

Therefore, the proximity of mid-term resistance suggests a correction phase (wave B) in the next 3 month. The most offensive will open a short position to target a return on the $13.77 Fibonacci 0.618 retracement support. It should protect the position with a stop loss set above the USD 18 wave 5 resistance.
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