Bank of America ($BAC) found buyers at the blue box area as expected
|In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Bank of America Corp. ($BAC). The rally from 1.17.2024 low at $31.28 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:
Seven swings WXY correction
$BAC one-hour Elliott Wave chart 4.11.2024
Here is the 1H Elliott Wave count from 4.11.2024. We expected the pullback to find buyers at the blue box area at 36.26 – 35.25 in 7 swings.
$BAC one-hour Elliott Wave chart 4.15.2024
Here is the latest 1H update from 4.15.2024 showing the bounce taking place as expected. The stock has reacted higher from the blue box area allowing longs to get risk free. The stock is expected to remain supported with a target area towards $39 – 40 before another pullback can happen.
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