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Tuesday, May 22, 2012

$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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