BAC Keeps Reacting Higher From The Blue Box Area

This technical blog will look at the past performance of the 1-hour Elliott Wave Charts of BAC. We presented to members at the elliottwave-forecast. The rally from 30 May 2024 low unfolded as an impulse structure. Showing a higher high sequence in a higher time frame favored more upside extension. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

BAC 1-Hour Elliott Wave Chart From 6.06.2024

Here’s the 1-hour Elliott wave chart from the 6/06/2024 Midday update. In which, the short-term cycle from the 5/30/2024 low ended in wave 1 at $40.21 high. Down from there, the stock made a pullback in wave 2 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $39.36 low. Wave ((b)) bounce ended at $40.14 high and wave ((c)) managed to reach the blue box area at $39.28- $38.75. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

BAC Latest 1-Hour Elliott Wave Chart From 6.10.2024

This is the latest 1-hour Elliott wave Chart from the 6/10/2024 Pre-Market update. In which the stock is showing a reaction higher taking place, right after ending the double three correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $40.21 high is yet to be seen to confirm the next extension higher & avoid deeper correction. Also, it’s important to note that with further data the pullback was adjusted to double three correction.

Source: https://elliottwave-forecast.com/stock-market/bac-keeps-reacting-higher-blue-box-area/