Bank of AmericaSatış
Decades Long Rising Wedge on BAC (Targeting 80% loss)
The main chart and title is pretty blunt. We see two rising wedges on BAC and the blue one predicted the 2008 crash, but because this is on the monthly chart it tools years for the price action to perform. We may again see this happen again as the crash begins moving in slow motion and is imperceptible to most as the problem becomes more and more severe. With the blue wedge price action tested previous action as support for about 6 months.
The main reason I don't think people are aware of what is going on is they don't really look at monthly charts and if they do they don't think to always use the log scale on traditional equities, even though the price action goes from $1.6 to $50. Many may see this and not see any short term trades and may also just forget what is coming. Later they look back and go Doh! and I know I have made that same mistake. Get chopped up and stopped out looking for a margin long when I could have just held or stopped out looking for a short when I could have just bought the dip at target.
It seems to me to be a time to pivot to plays around the market topping as well as preparing for a bear market and perhaps the social unrest that will bring. I personally will be looking to buy BAC or other equities for the long hold while around (below) the purple trend line. Stuff like this makes me think about what """They""" are thinking when they take years to distribute. There is probably a reason why in the 08 crash the SPX bottomed out at 666.
The main reason I don't think people are aware of what is going on is they don't really look at monthly charts and if they do they don't think to always use the log scale on traditional equities, even though the price action goes from $1.6 to $50. Many may see this and not see any short term trades and may also just forget what is coming. Later they look back and go Doh! and I know I have made that same mistake. Get chopped up and stopped out looking for a margin long when I could have just held or stopped out looking for a short when I could have just bought the dip at target.
It seems to me to be a time to pivot to plays around the market topping as well as preparing for a bear market and perhaps the social unrest that will bring. I personally will be looking to buy BAC or other equities for the long hold while around (below) the purple trend line. Stuff like this makes me think about what """They""" are thinking when they take years to distribute. There is probably a reason why in the 08 crash the SPX bottomed out at 666.
Feragatname
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