Wells Fargo & Co. (WFC): Pattern & Elliott Waves Point Higher

SUMMARY

Fundament analysts feel that Wells Fargo's (WFC) scandals have ruined the bank's reputation and likley it's stock price. Technical Analysis disagrees. It's likely that sentiment for WFC has not degraded enough to deal a stock price depression. There a bit more to go in the up direction. The below chart shows a pattern of a multi year, upward pointing wedge pattern. It's bearish; but not yet complete. I believe even at the point near the apex, the price will likely do a one final gasp for a surge in price before succumbing to the airpocket of no more buyers. The volume will also continue to erode and decline as shown in below chart.

The Elliott Waves show that blue waves 1 and 2 are placed and 3 is still being worked on. The subwaves of blue 3 show that white wave 5 still remains undone. A target of $92 or higher could be hit before a devastating decline (red arrow). What would cause such a blow? I don't know exactly what but news or events shall arrive to justify the forecast.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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