$BAC
Added 2023-10-19 19:29:50 +0000 UTCThe US Bonds continue to put pressure on US banks and $JPM aside, they are all struggling to find their feet.
$BAC got a nice bounce after its earnings but we can see so far that the bounce has been in 3 waves, so a bounce in 3 waves is a corrective wave, meaning the next formation will be 5 waves, in the direction of the previous trend, so in this case downward for Wave C.
The 200 Day MA is also acting as a resistance level too.....so 3 waves and a strong resistance level makes this a strong confluence level....the only way to break this would be getting above the 200 Day MA and retesting from above and converting this to a support level.
This requires some work and while the bonds stay high, this will continue to add pressure.
