MS - large wave C down just started
Here is a long-term view on the banking sector in US. I see Feb'22 peak as completion of large B-wave of flat correction, C-wave of which might take couple of decades before it finishes. So far it has printed wave 1 of circle wave 1 and started wave 1 of 3 (tag is not on the chart). Expect to see some downside action until mid-May to complete 5 of 1 of 3, then up in wave 2 of 3 into mid-June, then sharp move down in wave 3 of 3 into Oct-Nov'23 (target is 40% lower from the current level of 87), wave 4 into mid-2024 then another move down to complete wave 5 (target is 45 zone) of circle wave 1 sometime by mid 2025. See similar set up in BAC (will post it separately) though looks like it is leading in this action.
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