WFC.B trade ideas
FAREWELL TO WELLS FARGOBlack line a Temporary bounce after hitting the black line but most aggressive manipulators can hold for the below line for max profit.
There will be a strong bounce once hits this Red support line but once broke it will go down to $4 or below. Take out profit and go short after few weeks.
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At least this is the start of the another financial crisis which well may come after election or post summer 2017. All the financials banks will start to collapse.
Ascending triangle in WFObserving this ascending triangle, I would wait to see if the stock price brake up, to buy a long position. If the price comes again to the triangle area, the pattern would have failed.
Revised Target: $68 / share...otherwise wave 3 would be the shortest. Still bullish, but I guess the raising of interest rates in the future will peak WFC around $70. Buy pullback if it hits $40.
Bullish Impact on FinancialsPerhaps this is the best bank stock chart in the S&P 500. I don't think GS or JPM are as clean, but I'll post some counts for them as well.
WFC and other Financials Looking Grim WFC has been unable to gain 50.5-51 resistance for months now, and the chart may indicate that it is time to retest lower. the last weekly level retest was 44.59, which bounced strongly and reversed. if 46.6 is lost, we should look towards 43.2 for next support test.
Lower still is 41.65 and 38.03 as well as others, but these levels may not apply for some time
Wells Fargo: Chart showing possible continuation of Bull trendThis is a long term set up, that will most likely take sometime to confirm. Price has made a double bottom at the 200 weekly period moving average. In addition we are forming a falling wedge. The size of the wedge suggests that if it does break it could be a significant move to the up-side.
The candle of the week 02-08 tested the highs made in 2008 as support, an additional strong bullish sign.
We can also see that buying volume has picked up in the past week. Will be monitoring this stock for a breakout.
Correction doneWe got all now - lower highs and lower lows as well. And the correction confirmed the trend change down.
West Fargo sports a nice bullish Elliott lookWFC seems to tell us that the big scare was actually just a correction within a bull market. The right look suggests WFC is on its way to new high. We even have the rule of alternation with wave 2 being an expanded flat while wave 4 is a simple ZigZag. The only thing I don't like is within the zigzag both wave are sharp. Usually one is a surprise to everybody while the other is grinding your patience. That might suggest wave 4 is not over and we will grind sideways for a while before WFC resumes its ascent to end the huge active wave that started from the 2009 low. That might even indicate the beginning of another financial crisis.
Moving below 46 will indicate either wave c is not over or I am wrong dead wrong.
Has shown some strength compared to the restPrice didn't violate Aug low while most of the banks trades below that level. One important support has been broken and now is overhead resistance. Time to observe for long entry but so far in the worst comp. Real-time alerts go www.2waytrading.com
