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$BAC 4 hour Elliott Wave Technical Analysis for Bank Of America

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Bank of America Corporation $BAC of course is one of the larger market cap stocks in the financial banking sector listed on the NYSE . Most are aware the stock peaked in November 2006 and was sold off heavily during the financial crisis decline then the stock found a low in February of 2009. From that point in the longer term chart I’m not going to get into what the Elliott Wave count is or is not as there is a couple of likely probabilities however what I want to mention that is important from that 2009 low is an obvious bounce higher and then a dip in 2011 that held above the 2009 lows. This has been a weak longer term rally relative to some of the banking sector stocks however it does project an equal legs-1.236 extension target area higher at 22.25 to 26.35 while that December 2011 low remains intact. From there the rally stalled from getting back above the April 2010 highs however appears the dip that ended in February 2016 corrected that cycle up and the trend higher has resumed with a rally into April then a dip into what is shown in the 4 hour chart at the 6/27/2016 lows.