The market is dropping. All my previous ideas (SPY, IWM, DIA, .....) have been featuring this drop. However, BAC has a quite different chart compared to those so I guess I will post this one for reference, since we are having a big j confirmation red candle today.
I think we are on wave 5 down. the target is the red box. I will look for a finished setup 9 and ...
Look at the weekly chart. Obvious short is obvious. We are entering a bear trend now.
What we have now is a bear flag noise heading right into 20s and then 16s.
All bull trends are broken on daily.
Last one will provide some cushion, but with empty price nodes on volume, price decline will be rapid.
Whatever is coming is going to hit banking and dollar ...
BAC is approaching support at 25.81 (61.8%& 100% Fiboncci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 28.77 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching support at 3.4% where a corresponding bounce could occur.
Hello Traders,
Bank of America Elliott wave analysis suggests that a decline to $27.26 low ended blue wave (3). The internals of that decline unfolded in 5 waves impulse structure in lesser degree cycles. Up from there a 3 wave bounce to $29.19 high ended blue wave (4) as double three structure. Down from there, the stock declined lower in another lesser degree 5 ...
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 ...
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NYSE:BAC
