7 Swings WXY correction
$BAC 4H Elliott Wave Chart 3.04.2025:
In the 4-hour Elliott Wave count from March 04, 2025, we see that $BAC completed a 5-wave impulsive cycle beginning on August 05, 2024, and ending on January 16, 2025, at the black ((3)). As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 7 swings, likely finding buyers in the equal legs area between $41.79 and $38.58.
This setup aligns with a typical Elliott Wave correction pattern (WXY), where the market pauses briefly before resuming the main trend.
$BAC 4H Elliott Wave Chart 3.16.2025:
The update, from March 16, 2025, shows that $BAC is reacting as predicted. After the decline from the recent peak, the stock found support in the equal legs area, leading to a bounce. As a result, traders should get ready to go risk-free.
Conclusion
In conclusion, our Elliott Wave analysis of $BAC suggested that it could bounce in the short term. Therefore, traders should be proactive and get risk-free soon while keeping an eye out for any corrective pullbacks. By using Elliott Wave Theory, we can identify potential buying areas and enhance risk management in volatile markets.
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