BAC, C, JPM, GS updates 11/16

BAC: Big call buying last few days and blast off from it’s 50d SMA (always interesting to see how big money knows 😉 )  What we mortals have to content us with is solid expert chart analyses and price targets. What we have so far are 5 (black) major waves up off the February low, with the 5th of the 5th now underway; (red) intermediate-v of major-5 to be exact. Off the June low, which was a multi-month correction major-4 correction followed by a leading diagonal triangle intermediate-i wave. Earlier I though that was still part of major-4 as LDTs are such an overlapping mess. But, that is water under the bridge and we now have an intermediate-ii wave that tagged the 1.681x extension to the T and then a decline to the 100% extension to the T as well. All perfect 3rd and 4th wave behavior. Ideally price is now thus in intermediate-v targeting the 2.000x extension at $29.

BAC

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C: Similar to BAC, also this bank should be in a 5th wave up. But here I count it as (green) minor-5 of (red) intermediate-iii of (black) major-3. Ideal target for green 5 is $77 based on a standard 5=1 relationship. Note how price was helped once again by the green uptrend line 🙂 The Technical Indicators are pointing back up, the A.I. gave a buy and hence everything tells us to look for higher prices

C daily

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JPM: Big picture overview here to show where price is in relation to it. Ideally I’d like to see price rally for (grey) minute-v of (green) minor-5 of (red) intermediate-iii to around $110. The intermediate-iv back down to about $95ish, intermediate-v back up to $120 etc. The chart shows the path forward in a very simplistic way, but is also easy to understand and should help both long term investors and swing traders.

JPM monthly.png

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GS: Also here a big picture overview as the whole advance since GS went public is rather overlapping and IMHO counts best as large (cycle) ABC waves. Price is now ideally in (red) intermediate-v of (black) major-5 of (blue) Primary D to complete pink Cycle-C. The ideal target for this is $350-$260. This count fits -short term- with the other banks that also want higher prices, but longer term this count doesn’t fit as GS is truly a very unique animal and not at all similar to that of the long term charts other banks, e.g. compare to JPM. (See above)

 

GS monthly