5 Wave Impulse Structure + ABC correction
$BAC 4H Elliott Wave Chart 12.19.2024:
In the 4-hour Elliott Wave count from December 19, 2024, we see that $BAC completed a 5-wave impulsive cycle beginning on August 05, 2024, and ending on November 29, 2024, at the black ((3)). As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 3 swings first, likely finding buyers in the equal legs area between $43.86 and $42.25. This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.
$BAC 4H Elliott Wave Chart 12.22.2024:
The most recent update, from December 22, 2024, shows that $BAC reacted as predicted. After the decline from the recent peak, the stock found support in the equal legs area, leading to a bounce. As a result, traders could adjust to go risk-free.
What’s Next for $BAC?
With the current bounce, $BAC appears well-supported. Based on the Elliott Wave structure, we expect the stock to continue its upward trajectory, targeting the $45 – $46 range before another potential pullback. Therefore, it is essential to keep monitoring this zone as we approach it.
Conclusion
Elliott Wave Forecast
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