Bank Of America Slides Despite Record Quarter
EWM Interactive | Oct 18, 2018 05:20AM ET
Bank of America (NYSE:BAC) reported its Elliott Wave Principle has to say now.
The 2-hour chart of bank of America stock reveals the structure of the entire decline from $33.05 in March. It looks like a simple A-B-C zigzag correction is in progress. The truth is the stock’s slide could have ended much earlier, but the market decided to draw an expanding triangle in the position of wave B.
Instead of ending at $27.63 in July as suggested in our previous update, wave C is still unfolding. It should eventually evolve into a complete five-wave impulse, meaning lower levels can be expected, before the bulls return. A series of fourth and fifth waves in wave C should first develop.
Bank of America’s future remains bright as business performance is what matters in the long-term. In the short run, however, BAC may slide to $26 – $25 a share, before the situation starts to improve.
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