BAC Elliott Wave View: Started The Next Leg Lower

Hello Traders,

BAC short-term Elliott wave view suggests that a decline from 8/08/2018 high to $27.64 low ended blue 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 blue wave (X) as double three structure. Where red wave W ended in 3 swings at $28.58. Red wave X pullback ended at 28.16 low and red wave Y ended at $29.20 high.

Down from there, blue wave (Y) remains in progress. Down from $29.20 high it ended red wave A at 26.12 and is currently correcting cycle from 10/17 peak in the sequences of 3-7 or 11 swings in red wave B before more downside should be seen. As long as it stays below 29.20 it should extend lower. We don’t like buying the stock and prefer more downside against $29.20 high