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 elliottwave-forecast.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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