Saturday, February 5, 2011
Friday, February 4, 2011
BAC's Elliott Wave Count is Bearish for the Market Next Week
BAC's (Bank of America) Elliott Wave Count is Bearish for the Market Next Week, see http://stockcharts.com/freecharts/gallery.html?s=bac.
Since the recent cycle high at 15.31 (labeled in chart) BAC did a three day Wave 1 Downcycle to 13.94 (labeled in chart), followed by a Wave 2 Up that peaked the next day at 14.70ish, and, Wave 3 Down (also probably Wave A Down of the Downcycle since the 15.31 cycle high) bottomed two days later at 13.40 (labeled in chart).
BAC's bounce the past eight days, that might have peaked with a bearish double top at 14.47 the past two days, see http://stockcharts.com/freecharts/gallery.html?s=bac, is probably the counter trend Wave B and Wave 4 Up of the Downcycle since the 15.31 cycle high, so, the Financials and the Market are likely to be weak next week, or, at least have difficulty making much upside progress.
This is a good example of how downcycles usually follow an inverse Elliott Wave 12345 down up down up down pattern within a usually more pronounced Elliott Wave ABC down up down pattern.
Thursday, February 3, 2011
Wednesday, February 2, 2011
Tuesday, February 1, 2011
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