HY Newsletter – Bank of America Broke Multi-Month Support

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Stocks Report: Bank of America 

Bank of America broke multi-month support level 15.00

Likely to fall to 13.00 

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Bank of America recently fell sharply – after the price broke through the pivotal multi-month support level 15.00, which has been reversing the price from August of 2014, as can be seen below. The breakout of this support level greatly accelerated the already sharp minor impulse wave 3 – which belongs to the intermediate impulse (3) from November of the primary downward impulse wave ③ from July. With the daily Momentum falling to new multi-year lows – Bank of America is likely to fall to the next support level 13.00.

 

Commodities Report: Silver

Silver reversed from strong support level 13.75

Likely to rise to 14.50

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Silver continues to rise inside the second minor corrective wave (ii) – which started earlier – when the price reversed up from the powerful support level 13.750 (which also previously stopped the earlier waves 1 and (b), as can be seen from the daily Silver chart below). The price is currently approaching the resistance level 14.30 (which previously reversed the price sharply at the start of this month). If the price breaks above the resistance level 14.30 – Silver can then be expected to rise further to the next resistance level 14.50.

 

Index Report: Dow Jones Industrial Average

Dow Jones Industrial Average reversed from pivotal support level 15500.00

Likely to rise to 16200.00 and 16400.00

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Dow Jones Industrial Average recently reversed up sharply from the pivotal support level 15500.00 (which also previously stopped the sharp intermediate ABC correction (A) in August, as you can see below). The upward reversal from the support level 15500.00 created the daily Japanese candlesticks reversal pattern Morning Star (the first candle of which is also in itself the strong reversal pattern – Hammer). The upward reversal from this support level is likely to lead to an upward correction toward the next resistance levels 16200.00 and 16400.00.

 

Forex Report: NZD/CAD

 NZD/CAD falling inside impulse wave (3)

Likely to fall to 0.9100

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NZD/CAD continues to fall inside the 3rd intermediate impulse wave (3) – which stared earlier – when the pair reversed down from the resistance zone lying between the resistance level 0.9470 (lower boundary of the strong resistance zone which has been reversing the pair from last March, as can be seen below) and the 61.8% Fibonacci correction level of the previous sharp downward impulse (1) from the aforementioned resistance area. NZD/CAD is likely to fall further in the active intermediate impulse wave (3) toward the next sell target 0.9100.

 

 

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