Continuing upward movement, Bank of America came to the significant level of 18. All the cycle from 6 unfolded under the Elliott wave principle. Impulse -wave 1, simple wave 2, protracted wave 3 and wave 4 creates a triangular corrective pattern. Wave five is the final leg in the direction of the dominant trend and it should be powerful. If we take length of wave 1 as a reference point, wave 5 will push the chart above the level of 18. Then the way to 29$ and 35$ opens under Fibonacci coefficients, and then the level of 55$ follows. OBV shows that money volumes are up. Sharp increase of trading volume on the last day of the correction is a clear signal to continue to long.
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derekh2
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I keep seeing this big numbers like 30 and 55. Perhaps I have a misunderstanding of how this works but it seems like at $55 BAC will be worth over 500 billion dollars ($55 x 10.52 billion outstanding shares). That's quite a large number--higher than its market cap has ever been. Please correct me if I'm wrong.