East West Bancorp Inc, (EWBC) operates as the bank holding company for East West Bank that provides a range of personal & commercial banking services to individuals & businesses. It operates through three segments, Consumer & Business banking, Commercial banking & others. It is based in Pasadena, CA, comes under Financial services sector & trades as “EWBC” ticker at Nasdaq.
EWBC made an intermediate low at $22.55 during March-2020 global sell off. While above there, it ended impulse sequence at $93.51 high as wave I. Currently, it favors correcting in wave II in proposed double correction & confirms ((Y)) leg, when it breaks below ((W)) low.
Above $22.55 low, it placed ((1)) at $43.10 high on 6/08/2020. It favored ended ((2)) at $30.49 low as 0.618 retracement of ((1)). Above ((2)) low, it started third wave extension & placed ((3)) at $82.53 high on 3/18/2021. It placed ((4)) at $65.87 low, which is slightly below 0.236 retracement against ((3)). Finally, it favored ended ((5)) as ending diagonal at $93.51 high on 2/16/2022 as I red. While below there, it favors double correction lower in wave II.
Below, wave I high of $93.51, it placed ((W)) at $61.65 low as expected as shown in previous blog. While above there, it proposed ended ((X)) at $78.04 high & favors lower in ((Y)) leg. ((Y)) will be confirm, when it breaks below ((W)) low or else, ((X)) can unfold in larger double correction as alternate view. In case of ((Y)) confirms from current level, it expect to extend lower towards $46.13 – $26.34 area to finish the double correction in wave II before turning higher in III or at least can see 3 swing reaction higher. We like to buy the dips towards blue box area, when reached.
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