In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Bank of America ticker symbol BAC, which we presented to members at sifaha.com. In which, the rally from June 03.2019 lows unfolded as Elliott wave impulse structure & showed a higher high sequence favored more strength. Also, the right side tag pointed higher against $27.37 low seen on 6/25/2019 low called for more upside. We will explain the structure & forecast below:
BAC 1 Hour Elliott Wave Chart
BAC 1 hour Elliott Wave Chart from 14 July Weekend update, in which the stock ended the 5 waves rally from $27.37 low in an impulse structure within wave ((i)) at $29.89 high. Down from there, the stock corrected the rally from $27.37 low in wave ((ii)) pullback. The internals of that pullback unfolded as Elliott Wave Zigzag structure where wave (a) ended in lesser degree 5 waves at $28.93 low. Up from there, wave (b) bounce ended in 7 swings at $29.80 high. And wave (c) was expected to reach $28.84-$28.24 100%-161.8% Fibonacci extension area of (a)-(b). Afterwards, the stock was expected to find buyers at the blue box area looking for more upside into the direction of right side tags.
BAC 1 Hour Elliott Wave Chart
Here’s BAC Latest 1 hour Chart from 28 July Weekend update, in which the stock is showing reaction higher taking place from blue box area. Allowing our members to create a risk-free position shortly after taking the trade. However, it’s important to note that as the structure develops & due to our distribution system we upgraded the degree of labeling. Now, as far as dips remain above $28.61 low we expect stock to extend higher.
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