Bank of America Corp (BAC Stock) Elliott wave view: Forecasting the wave 4 pullback
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEIn this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of Bank of America ticker symbol: BAC, which we presented to members at the elliottwave-forecast . In which, the rally from 25 March 2021 low ended 5 waves impulse rally in a lesser degree cycle and made a pullback lower. And we knew that the structure is incomplete for 1 more high at least to complete the 5 waves sequence & it should see more strength. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
BAC 1 hour Elliott Wave chart
Above is the 1hr Elliott wave chart of BAC from 5/13/2021 Post-Market update. In which the rally to $42.94 high ended the cycle from 3/25/2021 low in 5 waves structure within wave 3. Down from there, the stock made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $41.37 low. Wave ((b)) bounced ended as a lesser degree flat structure at $42.56 high and wave ((c)) was expected to reach the $40.82- $39.75 blue box area. From where next leg higher was expected to take place looking for a new high ideally or for a 3 wave bounce at least.
BAC latest 1 hour Elliott Wave chart
Here’s the latest 1hr chart from 5/26/2021 Post-Market update. The BAC is showing a strong reaction higher taking place from the blue box area after ending the zigzag correction within wave 4 at $40.70 low. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area.
In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of Bank of America ticker symbol: BAC, which we presented to members at the elliottwave-forecast . In which, the rally from 25 March 2021 low ended 5 waves impulse rally in a lesser degree cycle and made a pullback lower. And we knew that the structure is incomplete for 1 more high at least to complete the 5 waves sequence & it should see more strength. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
BAC 1 hour Elliott Wave chart
Above is the 1hr Elliott wave chart of BAC from 5/13/2021 Post-Market update. In which the rally to $42.94 high ended the cycle from 3/25/2021 low in 5 waves structure within wave 3. Down from there, the stock made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $41.37 low. Wave ((b)) bounced ended as a lesser degree flat structure at $42.56 high and wave ((c)) was expected to reach the $40.82- $39.75 blue box area. From where next leg higher was expected to take place looking for a new high ideally or for a 3 wave bounce at least.
BAC latest 1 hour Elliott Wave chart
Here’s the latest 1hr chart from 5/26/2021 Post-Market update. The BAC is showing a strong reaction higher taking place from the blue box area after ending the zigzag correction within wave 4 at $40.70 low. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.