moleman340

(BAC) 3H - Bull Bat Type1 Entry

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NYSE:BAC   Bank of America
I went long @ 28.45 yesterday. This pattern should be treated as a reaction; the Natural harmonic Reaction to the .236 retracement is the most likely outcome and is in fact a high probability trade. This patterns structure suggests that a move to 2.54-2.91 is certainly possible. I contend that that will not occur until the pattern at very least yields a NHR. Despite this possibility, I have my eyes on a larger move that perhaps will be a part of an emerging Harmonic Range. I am hopeful yet wary. The key will be the action at .236 retracement level. If price rejects there either a deep retrace to retest the lower median line or a divergent move to the 1.13 extension is likely to occur.
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