Elliott Wave Structure in Bank of America (BAC) shows incomplete bullish sequence from 10.27.2023 low favoring further upside. Short Term, rally from 1.17.2024 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from there, wave (1) ended at 35.1 and dips in wave (2) ended at 32.35. The stock extends higher again in wave (3). Up from wave (2), wave 1...
Divergences have been observed on multiple time frames for BAC and basically $IWM. Unless it keepes extending, the top is most likely in. The drop below the 36.8 area would confirm that.
NYSE:BAC smaller Inv head and shoulders that has broken to upside, appear to be playing into a bigger INV head and shoulders pattern. With rate cuts approaching, this stock can see huge gains as the outlook become more satisfactory. Excellent buy opportunity.
Montly Demand Zone hold the price give a good reaction
We can observe the an external liquidity was taken in weekly timeframe
We dan also observe that the structure was shifted in Weekly timeframe
I'm expecting to price to pull back around 33 to invest as I'm expecting the price to be bullish
Downside risk 20%
Upside gain 80% & more
BAC is showed here on a 100R(ange) where price action from the Covid lows to the federal
stimulus highs to the fade and consolidation of Summer 2022 to Summer 2023 and another
fade and reversal from it are seen on the chart. At presen, BAC has reversed upside. With
Uncles Powell and Sam announcing likely three rate cuts in 24Q3 and 24Q4, I see...
BAC is at resistance inside of a huge bearish rising wedge.
RSI and MACD have a big bearish divergence which indicates a drop is in front of us.
Measure drop is around big red aka 200 days MA.
Great place for small short position
"Bank of America Stock: A Situation where the Selling Zone and the Horizontal Upward Movement are Constrained. If the Blue Line Drops Below and Daily Closures Follow, the First Target Could Be the Green Horizontal Line. If Unable to Sustain at This Level, a Descent Towards Closing the Gaps and the Lower Base of the Descending Regression Channel Might Occur. On the...
Bank of America....
On one hand their CEO has done a great job bringing them out the depths of the financial crisis
On the other hand excess exposure to Mortgage Back Securities (MBS), Commercial Real Estate and the risk bomb that is all things Merrill leaves them vulnerable to economic shocks
A sticky deposit book helps...but not enough.
Will America choose...
BAC is in a rising wedge, a bearish pattern, and it's ready to break down. If and when it crosses the blue dotted trend line, it will trigger that pattern and cause a major drop in price.
The RSI and MACD show strong bearish divergences, with the MACD already ticking into the red position.
If we close in the red today, it will be confirmed.
The bulls' last hope...
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 32.6/61.80%
Chart time frame : D
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : A
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
Looks like a massive massive cup and handle forming,
We just had a bullish break out of a very consistent downward parallel channel via a massive W bottom. More upside from here in cup and handle formation.
Use proper risk management please!
thanks!
