BANK OF AMERICA CORP.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 28.76 |
| Take Profit | 25.00, 20.70 |
| Stop Loss | 30.01 |
| Key Levels | 20.70, 25.00, 32.80, 36.86, 39.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 32.85 |
| Take Profit | 36.86, 39.00 |
| Stop Loss | 31.50 |
| Key Levels | 20.70, 25.00, 32.80, 36.86, 39.00 |
The price is in a correction and a fall is possible.
On the daily chart, a downward correction develops as the second wave of the higher level 2, within which the wave (C) of 2 forms. Now, a local correction has ended as the fourth wave of the lower level 4 of (C) of 2, and the fifth wave 5 of (C) of 2 is developing. If the assumption is correct, the price of the asset will fall to the levels of 25.00–20.70. In this scenario, critical stop loss level is 32.80.
Main scenario
Short positions will become relevant below the level of 32.80 with the targets at 25.00–20.70. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 32.80 will let the asset grow to the area of 36.86–39.00.
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