BAC Following Our Projected Path
By
Zac Mannes
Stock Waves posted a bullish Wave Setup on $BAC back on 5/19 initially targeting the 60 level.
The (C)-wave inside a larger Primary 5th of a very large diagonal did not look complete, and while there were two sub-wave paths the rest of that (C) wave could take but the purple for just a "Pirate Ninja" (measured move) as the c-wave inside a 5th was the more prudent expectation.
Wave Setups are snap-shots in time of an Elliott Wave setup with clearly defined parameters of Support, Resistance, Invalidation, & Target levels. These are adjusted from "pure EW" based on our experience with probabilities to provide more applicable parameters to an effective risk-management program. In addition to Wave Setups we provide ongoing pure EW analysis, which can sometimes diverge from that previous snap-shot.
When Wave Setups reach a resistance level we post an official update. In these updates we discuss how the subwave patterns have been evolving and usually provide adjust Support & Invalidation levels along with the next Resistance.
This WS on BAC has now had 6x official updates: 6/4, 6/11, 6/15, 7/3, 7/6, and the final 7/15 (today).
On the 7/6 update BAC had actually hit its original target, but as discussed in that post below there was a good sub-wave structure to allow for further extension to a secondary target:
In today's update since hitting that secondary target we discuss the less favorable risj-skew and lack of clear structure arguing strongly for setting a third target.
Still $51.04 to $61.75+ (+20%) on a big "slow" bank in just under two months is not terrible. 😉📈
