Bank of America (BAC): Those Hated Banksters..Are They DOOMED?

SUMMARY

Are the hated banksters doomed? Ehhh, probably not. The below is a weekly chart of Bank of America (BAC); the bank with 32x derivatives leverage and always ready to collapse and cause another financial crisis; so the haters say. I tell you, haters will go to any length to live only what they want to see. They are the epitomy of myopia!

The impulse waves (white) peaked in 2017 to onset one of the biggest CDA/CDS calamity known to the financial markets. It made the Fat Tail event really FAT! The swift and vertical five wave down (blue) is thought by many to be the end of the correction and blue skies forever now. I disagree.

The retracement of that five wave decline is measured as an ABC (red) and the C wave's five wave up is labeled accordingly towards the 0.78 Fib zone. So BAC could still have some significant upside left and of course there will be corrections towards the remaining waves 3,4 and 5.

Will the banks disappear because of the Cryptos? In a word, NO! I don't believe so. I believe the two can co-exist and will likely achieve that state. Perhaps in the distant future, when those living now are all dead, Cryptos will become to fully replace all banks. Perhaps there might even a Bitcoin backed USD! Just as it was backed by Gold, it could be backed by BTC and thus remove the ability to print towards hyperinflation given the deflationary nature of BTC. A pure supposition for now, but a longer term pattern could be a wide stroked ABCDE for BAC as shown below.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--