BAC, C, GS, JPM updates 04/12

C, GS, JPM will report earnings before the opening bell tomorrow and big money has been buying Call options last two weeks; they expect good numbers and are seldom wrong…  BAC will report earning April 16, also big call buying there.

BAC: Most likely intermediate-iv of major-5 has bottomed and a break above around $30.75 targets $33 for starters based on simple symmetry. I don’t know yet if this 5th wave will become a standard impulse (non-overlapping 5 waves up) or an Ending Diagonal Triangle (overlapping 5 waves up forming a wedge). Target for major-5: mid- to high 30s.  One can long BAC, if so inclined, with stop at $28.50 IMHO.

BAC

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C: Counts best s major-4 having completed and major-5 underway. Price is trying to reclaim the 200d SMA. that’s always a great buy signal IMHO. We have a nice zig-zag for wave-4, while wave-2 was a flat: alternation. The MACD is on a buy coming from deeply oversold levels and the other TIs are also pointing up: looks good. One can long C, if so inclined, with a target of mid-80s, and a stop just below $66.

C daily

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GS: My big picture count is still on track for the final 5th wave to complete Cycle-C. Ideal target is $300ish. Can be longed, with a stop just below $240.

GS monthly

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JPM: Same for this bank as the big picture count remains on track and intermediate-v of major-5 of Primary III is underway to ideally mid-120s, possible much higher. Can be longed, as well and if so inclined, with a stop below $105. Although this bank needs to wrap up two more larger waves to complete, whereas all other banks are in their final waves, we need to be cognizant of that fact, but it shouldn’t matter too much otherwise. Primart IV can drop as low as $80… so please try to avoid it.

JPM monthly.png