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BAC Elliott Wave View: Started The Next Leg Lower

Bank of America Corporation ticker symbol: BAC short-term Elliott wave view suggests that a decline from 8/08/2018 high to $27.64 low ended intermediate wave (W). The internals of that decline unfolded in 3 swings with the distribution of 5-3-5 zigzag structure. Up from there, a bounce to $29.20 high ended the short-term correction against 8/08/2018 high in intermediate wave (X) as double three structure. Where Minor wave W ended in 3 swings at $28.58. Minor wave X pullback ended at 28.16 low and Minor wave Y ended at $29.20 high.

Down from there, intermediate wave (Y) remains in progress and a break below $27.64 last weeks low confirming the next extension lower. Down from $29.20 high, the lesser degree Minute wave ((i)) ended in 5 waves at $27.97. Minute wave ((ii)) bounce ended at $28.52 and Minute wave ((iii)) remain in progress looking to extend lower 1 more time. Afterwards, BAC is expected to do a Minute wave ((iv)) bounce before further downside in Minute wave ((v)) is seen to complete Minor wave A of a possible zigzag structure. We don’t like buying the stock and prefer more downside against $29.20 high.

BAC 1 Hour Elliott Wave Chart

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