Chart Analysis – Bank of America

How to catch the bottom level? 1) Draw fibo fan line starting from H(ighest) to M(iddle). And tracing fibo fan blue dotted line. 2) Create fibo reverse extension by connecting H-L-M. Here we can find the area which are crossed 161.80% of H-L-M with blue dotted line. This area are possible bottom level. Also here upward fibo fan line created since 2009 works as a support. Three fibo lines work all together. FYI, when blue dotted fibo fan lines meet any 161.80%, 261.80% or 423.60%, that area may be considered as the bottom. This is the way how to discover the price bottom using fibonacci.

Bank of America stock

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