BAC – now that our 17 Billion dollar fine is behind us …

CLIFF NOTES: BAC (Bank of America) – not so fast.  Here’s the monthly chart showing “why” BAC finally bottomed in/around 2 bucks. I see major resistance coming in 1) mirror image foldback potential, 2) daily sell signal (shown below) and 3) a monthly pattern culminating in around 21-13.  Believe anything above 24 is an abomination and … that would be the “long term risk”  Here’s the rub … this SELL pattern is one that should be BOUGHT for a long term run in BAC.  If our mirror image foldback is correct, we’ll get a plunging low and then BUY it ….

PATTERNS behind the low in BAC

PATTERNS behind the low in BAC

here’s the longer term pattern:

 

BAC PATTERN up at 21-23

BAC PATTERN up at 21-23

here’s the foldback pattern that would be “perfect” to let us know where we are …

BAC foldback pattern

BAC foldback pattern

here’s where I think the “first” sell opportunity is w/ the current structure and move occurring …

if the foldback is going to work THEN here's an opportunity level to get in on it

if the foldback is going to work THEN here’s an opportunity level to get in on it

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