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Sunday, 10 June 2012

Bank Of America (BAC) Elliott Wave Analysys

NYSE: BAC data I could find were back to 1970 so I'm counting this stock from that starting point.

First comes Monthly chart where we can see rather eternal triangle formation materialasing after crash of 2008 sent the BAC stock prices to very low level. This is why I can't count the multi-year move upward as a part of a larger cycle implus wave: wave 1 and 4 would overlapse.


On Weekly we can see that we are in a large, complex consolidation pattern and price needs to finish wave c to the upside befor reversing south again to complete wave 5.



And the Daily looks like wave 3 developing in progress as long as the price stays above 61.8%FibRet level.


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