BANK OF AMERICA CORP.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 39.13 |
| Take Profit | 32.60, 29.90 |
| Stop Loss | 44.35 |
| Key Levels | 29.90, 32.60, 44.35, 50.00, 55.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 44.40 |
| Take Profit | 50.00, 55.00 |
| Stop Loss | 42.55 |
| Key Levels | 29.90, 32.60, 44.35, 50.00, 55.00 |
The price is in a correction, a fall is possible.
On the daily chart, a downward correction ended as the second wave of the higher level 2, within which the wave (C) of 2 ended, and the third wave 3 develops. Now, the first wave of the lower level (1) of 3 has ended, and a correction is developing as the second wave (2) of 3, within which the wave B of (2) is forming. If the assumption is correct, the price of the asset will fall within the wave C of (2) to the area of 32.60–29.90. In this scenario, critical stop loss level is 44.35.
Main scenario
Short positions will become relevant below the level of 44.35 with the targets at 32.60–29.90. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 44.35 will let the asset grow to the area of 50.00–55.00.
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