Bank of America (BAC) shows bearish Elliott Wave sequence [Video]
|Bank of America (BAC) shows a lower low bearish sequence from 1.10.2022 high favoring further downside in the stock. Near term, cycle from 2.8.2023 high is in progress as a 5 waves Elliott Wave impulse. Down from 2.8.2023 high, wave 1 ended at 33 and rally in wave 2 ended at 34.56 as the 1 hour chart below shows. The stock resumes lower in wave 3 with internal subdivision as another 5 waves impulse in lesser degree. Down from wave 2, wave ((i)) ended at 32.8 and rally in wave ((ii)) ended at 33.15. Stock resumes lower in wave ((iii)) towards 30.08 and wave ((iv)) ended at 30.81. Final leg lower wave ((v)) ended at 28.92 which completed wave 3 in higher degree.
Bank of America (BAC) 60 minutes Elliott Wave chart
Wave 4 rally ended at 31.50 with internal subdivision as a zigzag. Up from wave 3, wave ((a)) ended at 31.04 and wave ((b)) ended at 29.95. Third leg wave ((c)) ended at 31.50 which completed wave 4. Stock resumes lower in wave 5 with internal as a diagonal. Down from wave 4, wave ((i)) ended at 28.10 and wave ((ii)) ended at 31.05. Wave ((iii)) ended at 27.87 and wave ((iv)) rally ended at 30.57. Expect the stock to end wave ((v)) of 5 soon and this should complete cycle from 2.8.2023 as wave (1). Afterwards, stock should rally in wave (2) to correct cycle from 2.8.2023 high before the decline resumes. As far as pivot at 34.56 stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
BAC Elliott Wave video
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