Bank of America Rises Inside Impulse Waves
Bank of America yesterday rose strongly inside impulse wave (iii) – which belongs to the minor impulse wave 5 from the middle of November. The active impulse wave 5 started when the price reversed up from the support zone lying between the support level 17.00 (previous downward target set for this instrument) and the 38.2% Fibonacci Correction of the previous upward impulse from October. Bank of America is likely to rise further inside the active impulse waves (iii), 5 and (3) toward the next major resistance level 18.20. Strong support remains at 17.00.
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