Sometimes you should erase everything from the chart and start from scratch. In this way, you could get a new vision and understanding of what is happening. I cannot say that I lost with BAC
shares, but my expectations did not come true. Three months ago a head and shoulders
pattern shaped up on the daily and weekly charts, and the pattern did not go downward. Investors could be hopeful that after the reading broke out of the 19 mark it could move upward and shape up the pattern again (the Hound of Baskervilles effect). Alas, the gauge is again near the neck of the pattern.
Where did enthusiasm go? The answer is on the monthly chart. It turned out there is an old falling trend, and Fibonacci levels showing its way have approached the peak of the pattern. But this is not likely to be of interest for those who can interpret charts. What do investors have to do right now? The answer is simple – to open speculative long positions from USD 16 to USD 18/19 and global investment positions above USD 19.
The game will be simple, but if you liked my BAC
forecast, vote for me at the link: http://s30037364671.whotrades.com/blog/43563302238