BANK OF AMERICA CORP.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 32.56 |
| Take Profit | 36.86, 39.00 |
| Stop Loss | 31.27 |
| Key Levels | 25.10, 28.76, 31.27, 36.86, 39.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 31.25 |
| Take Profit | 28.76, 25.10 |
| Stop Loss | 32.08 |
| Key Levels | 25.10, 28.76, 31.27, 36.86, 39.00 |
Growth 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 formed and the third wave 3 started. Now, the first wave of the lower level 1 of (1) of 3 develops, within which the wave iii of 1 ended, a local correction formed as the wave iv of 1, and the wave v of 1 started. If the assumption is correct, the asset will grow to the levels of 36.86–39.00. In this scenario, critical stop loss level is 31.27.
Main scenario
Long positions will become relevant above the level of 31.27 with the targets at 36.86–39.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 31.27 will let the asset go down to the area of 28.76–25.10.
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