Elliott Wave View: Bank of America (BAC) Correction Should Find Short Term view in Bank of America (BAC) suggests the rally from July 19, 2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from July 19 low, wave (1) ended at 42.84 and pullback in wave (2) ended at 38.36. The stock has resumed higher in wave (3) with internal subdivision as another impulse in lesser degree. Up from wave (2), wave ((i)) ended at 39.80 and dips in wave ((ii)) ended at 38.94. Wave ((iii)) ended at 44.04, pullback in wave ((iv)) ended at 41.80, and final leg higher wave ((v)) ended at 44.87. This completed wave 1 of (3) in higher degree. Wave 2 pullback is now in progress to correct cycle from September 21 low before the rally resumes.
Structure of wave 2 pullback is unfolding as a double three Elliott Wave structure. Down from wave 1, wave (w) ended at 43.27, wave (x) ended at 44, and wave (y) ended at 42.33. This completes wave ((w)) in higher degree. Expect wave ((x)) rally to fail for another 3 waves lower to end wave ((y)) of 2 before the stock turns higher again. Near term, as far as September 21 low pivot at 38.34 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
