BAC Elliott Wave View: Ready To Resume Higher?

Hello Traders,

BAC short-term Elliott wave view suggests that the rally to $31.49 low ended red wave X bounce. Down from there, the decline to $30.08 low ended red wave Y & also completed blue wave (2) pullback. The internals of red wave Y unfolded as double three structure where black wave ((w)) ended at $30.62 low as zigzag structure.

Up from there, the bounce to $31.09 high ended black wave ((x)) bounce. Then finally, a decline to $30.08 low ended black wave ((y)) in 3 swings as Zigzag structure.

Above from there, the stock is expected to resume the next leg higher in blue wave (3). However, a break above $31.91 August peak remains to be seen for final confirmation of next leg higher. Up from $30.08 low the initial rally higher to $31.37 high ended black wave ((i)) as impulse structure.

Near-term focus remains towards $30.48-$30.35 100%-123.6% Fibonacci extension area of blue wave (a)-(b) to end the 3 wave correction in Minute wave ((ii)) against $30.08 low cycle. Afterwards, the stock is expected to resume the upside looking for more upside. We don’t like selling it.