Elliott Wave Forecast: Bank of America ($BAC) Perfect Reaction Lower from Blue Box Area

Good day Traders and Investors. In today’s article, we will look at the past performance of 4 Hour Elliottwave chart of Bank of America ($BAC). The decline from 08.16.2022 high is unfolding as a 5 swings and made a lower low on 10.13.2022 which created a bearish sequence in the 4H timeframe. Therefore, we knew that the structure in $BAC is incomplete to the downside & should see more weakness in 3 or 7 swings against 08.16.2022 peak. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

$BAC 4H Elliottwave Chart 10.17.2022:

Elliott Wave Forecast: Bank of America ($BAC) Perfect Reaction Lower from Blue Box Area



Here is the 4H Elliottwave count from 10.17.2022. The decline from 08.16.2022 unfolded in 5 waves breaking below 07.14.2022 low creating a bearish sequence. We were calling for the bounce to fail in 3 swings at black ((2)) where we like to sell it at the equal legs at $35.00 with a stop at $36.93.

$BAC Latest Elliottwave Chart:

Elliott Wave Forecast: Bank of America ($BAC) Perfect Reaction Lower from Blue Box Area



Here is the 10.20.2022 4H update showing the move taking place as expected. The stock has reacted lower from the blue box to reach the 50% back from blue (B) allowing any shorts to get risk free shortly after taking the position.
Disclaimer. No Investment Advice Provided.
Privacy of Site | © 2024 All rights reserved.
Need help? Contact us!