💾 Capital One Financial Corporation | Financial Detox

I started a series with the TOP10 largest bank in the USA.

I went all the way through 8 and stopped... Let us finish now.

Capital One (COF) is the 9th largest bank in the USA, the chart is also bearish and has been bearish since August 2021.

This banking corporation as well as others have been going down for more than a year and the final phase of the bear market is about to take place.

The type of correction we are witnessing is a Zig-Zag, 5-3-5.

We have the initial 5-down mapped out, then the WXY correction and a new 5-down wave pattern starting to develop.

This is Elliot Wave theory that I now mix together with my classic signals.

The 0.618 Fib. retracement support level for the inflationary, money printing, bull-market of 2020-2021 has been broken. The current price trades below this level and closing below it confirms lower prices.

Likely to close below based on all the bearish signals coming from this chart.

✔️ We have an established downtrend.
✔️ There is a bearish cross on the MACD (chart below).
✔️ The RSI trending lower.

MACD:

As I mentioned in my latest Bitcoin article, we still have some turbulence to go through in 2023.

2024 Everything should start to get better.
All the weak banks will be flushed out and a new cycle will start. Just as we saw with Crypto where the gambling/weak companies were removed, the bear market works the same all across.

Let's call it a "financial detox" once more.

Namaste.