BAC - Bank of America (full monthly chart)
A difficult chart to label. On an linear scale it looks like an expanding ending diagonal, BUT on a logarithmic scale it looks like a contracting ending diagonal. I chose the latter, even though it, in theory, violates the rule (the first wave is shorter than wave 3). Still, the rule is not violated on the linear scale. It's also possible the move is an impulse wave (in that case the diagonal would be a leading diagonal), but the initial wave 1 of the higher degree looks more like a zigzag.
The bottom line is - if the price doesn't enter the price territory of wave 1 (around $19+) it invalidates the pattern and would suggest an impulse wave.
The bottom line is - if the price doesn't enter the price territory of wave 1 (around $19+) it invalidates the pattern and would suggest an impulse wave.
Price action through custom Elliott Wave and patterns.
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