Short term Elliott Wave view in Bank of America (BAC) suggests wave ((3)) rally ended at 48.56. Wave ((4)) pullback unfolded as a double three Elliott Wave structure. Down from wave ((3)), wave (W) ended at 43.35 and wave (X) ended at 46.96. Wave (Y) lower unfolded as a zigzag Elliott Wave structure. Down from wave (X), wave A ended at 42.03 and wave B ended at 43.66. Final wave C lower ended at 39.19 which completed wave (Y) of ((4)) in higher degree.
The stock has turned higher in wave ((5)). However, it still needs to break above wave ((3)) at 48.56 to rule out a double correction. Up from wave ((4)), wave ((i)) ended at 40.66 and pullback in wave ((ii)) ended at 39.20. It has since resumed higher in wave ((iii)) towards 41.83 and pullback in wave ((iv)) ended at 41.3. Expect final leg wave ((v)) to complete soon and this should end wave 1 in higher degree. Stock then should pullback in wave 2 to correct cycle from 3.11.2025 low before it resumes higher. Near term, as far as pivot at 39.19 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Bank of America 45 minutes Elliott Wave chart
Bank of America Elliott Wave [Video]
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