Bank of America

Financial stocks were the weakest spot in US equities keeping the pressure on the S&P 500 even as the NASDAQ was making new highs. The importance of financial stocks in US equity movements has reduced significantly since 2009. Something similar may happen over the next few years in Indian banking is well. Indian financials however have moved higher over the last week opposite to this trend. This is a chart of Bank of America showing a possible wedge formation at the end of wave 2. If it holds the support at $ 22.6 then it is possible that fresh rally in wave 3 up develops from your taking of the pressure on US equities.