Hello fellow traders. Today, I want to share some Elliott Wave charts of the Bank of America (BAC) stock which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 06/23/19.
BAC ended that short-term cycle in red wave 1. Below from there, we advised members that it should see the equal legs from 06/19/19 peak towards the areas of the 100 – 1.618 Fibonacci extension of black wave ((w))-((x)) which came around 27.44-26.75 and unfolded as an Elliott Wave Double three structure. Therefore, we expected buyers to appear in the sequences of 3, 7 or 11 swings. And that was the first area for buyers to appear to take prices to new high or a larger 3 waves reaction at least.
BAC 06.23.2019 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that BAC reached the blue box area. Then it showed a nice impulsive reaction higher and if traded our blue box than any trades from that area have been risk-free, which means the stop-loss was moved to breakeven, targeting higher levels. Do please keep in mind that the 1-hour chart which I presented may have changed already. The blue boxes you see in our charts are our so-called High-Frequency boxes. Where the market ideally shows us a reaction either lower or higher.
If you are interested in how to trade our blue box areas and want to understand how Elliott Wave works. Then I recommend you to get a shot with our risk-free 14 days trial below.
BAC 06.30.2019 1 Hour Chart Elliott Wave Analysis
I hope you enjoyed this blog. I wish you all good trades and if you interested in learning more about our unique blue box areas and also want to trade profitably. You can join for 14 days free trial. See you insight!
We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle.