Market Snapshots

Bank of America Wave Analysis – 21 May, 2020

Bank of America Wave Analysis – 21 May, 2020

• Bank of America reversed from support area

• Likely to rise to 25,00

Bank of America recently reversed up from the support area lying between the support level 21,00 (low of the previous wave 1), lower daily Bollinger Band and the 61,8% Fibonacci correction of the previous upward price move from March.

The upward reversal from this support area started the active short-term correction (ii).

Bank of America is likely to rise further toward the next resistance level 25,00 (which stopped the two previous corrections 2 and (2), as can be seen below).

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