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Tuesday, May 22, 2012

$BAC: EOD EW count and forecast. Wave 4, in place?. Tomorrow, up, again?

Above is the EOD chart with wave 4, orange, in place?. Below are the charts posted today. Some charts were updated via stocktwits. We think the odds are looking north.

$BAC: EW count and forecast. First in flexion. Wave 3 of some kind?

Wave c of b has develop in a perfect parallel downtrend and this has been broken to the upside. This is a bull setup. Also we have that the 6.69 pivot point work OK and third, we have a higher high. 

13:03 ET

15:16 ET

It seems like wave 4 continues in play. A bit more of downfall,maybe. To the 50% retracement line.

15:53 ET

We think that 6.93, the 50% retracement has resist so, maybe, wave 4 is in place. Cheers. We have labeled appropriate wave 3, orange.

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