Lloyds update
It's been a while since my previous update for Lloyds. If you have been following along you will know that I have been anticipating lower prices. Now that more data is being printed we can begin to suggest possible scenarios. If you are a student of Elliott Wave or Neo Wave you will know that the middle part of a correction is the hardest part to comprehend and this is where I feel Lloyds is currently. One scenario that I have is the above (which also has confluence with Barclays), where we are currently in an X wave flat which is connecting the two larger pieces of the puzzle. This has further confluence with the current economic outlook. I do not trade based on fundamentals, but it's difficult to ignore that the banking industry is set to be greatly affected by the Covid-19 pandemic. A break above the macro 0.618 with a weekly close will change my bias and I will flip long. Good luck and trade safe if you are following the banking stocks. I do feel that, if played correctly, a very good opportunity is approaching in this sector.
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