BANK OF AMERICA Cyclical correction to $40 starting.

Bank of America (BAC) has been trading within a Channel Up for the past 13 years. The Sine Waves have had a fair success at pricing both Cyclical Tops (Bull Cycles) and bottoms (Bear Cycles).

Based on that, Bank of American is entering into peak territory. Whether that lasts for longer (like 2014 - 2016 an 2018 - 2020) or shorter (2022), the common parameter has been the 1M MA100 (green trend-line), marginally below which the last two corrections took place.

At the same time, every such Bear Cycle since 2012 has always hit its 0.5 Fibonacci retracement level, making a direct Higher Low at the bottom of the long-term Channel Up. Right now the 0.5 Fib sits exactly at the bottom of the pattern, so we expect at least $40 to get hit before the stock becomes a long-term buy opportunity again.

Notice also how the 1M RSI is reversing just before it turned overbought (70.00).

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