I don't like the banks for the upcoming months.
BAC was doing alright all these months but once it broke the previous cycle low , and clearly violated support
it shows us that the positive force that was all this time pushing it up has now end and a new negative force will probably make it fall into the summer.
The early cycle low violation of the cycle is a clear example that something has changed in the stock , and i think all the rallies should be sold in there.
Right now its sitting around the 0.50% fib. It might go to 0.618 (i think not) and then resume the downtrend lower.
It will probably have one more bounce to the upside mid-late may which will have to be sold too based on some minor cycles that i haven't put in.
BAC was doing alright all these months but once it broke the previous cycle low , and clearly violated support
it shows us that the positive force that was all this time pushing it up has now end and a new negative force will probably make it fall into the summer.
The early cycle low violation of the cycle is a clear example that something has changed in the stock , and i think all the rallies should be sold in there.
Right now its sitting around the 0.50% fib. It might go to 0.618 (i think not) and then resume the downtrend lower.
It will probably have one more bounce to the upside mid-late may which will have to be sold too based on some minor cycles that i haven't put in.