Elliott Wave view: Bank of America (BAC) looking to extend higher [Video]

The short-term Elliott Wave view in Bank of America (BAC) shows that we are looking for more upside to complete a 5 waves impulse structure, before a 3 swings pullback at least. The impulse move started from 42.59 low to end wave 1 at 46.75. A pullback in wave 2 ended at 44.45 low. BAC then resumes higher in wave 3 with internal subdivision as another impulse in a lesser degree. Up from wave 2, wave ((i)) ended at 47.30, dips in wave ((ii)) ended at 46.00, wave ((iii)) rallied to 48.70 and a pullback appeared as wave ((iv)) ended at 47.98. The last push higher to finish wave ((v)) ended at 50.02. This completed wave 3 in a higher degree.

Wave 4 pullback is building already and we are expecting an ((a)), ((b)), and ((c)) zigzag correction to complete it. Wave ((a)) is ended at 48.94 and we can see a little more higher to finish wave ((b)) to turn lower again. BAC should bounce again after end wave 4 to continue the rally and it needs to break 48.70 peak to confirm that wave 5 has started. Once a wave 5 is done, BAC could find seller to begin a correction in 3, 7, or 11 swings. The view of the wave 4 is valid as we stay above 45.99.

BAC 1 hour Elliott Wave chart

Bank of America (BAC) Elliott Wave video

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.