Let’s Revisit $WFC

In March, I took a look at $WFC. I think it is worth revisiting that here.

In that prior post, I discussed the range it has been trading in as well as the historical fractal I think I recognize. And that may be especially relevant now today, as the fractal continues to “rhyme.”

So, as before (the GFC), we had a liquidity crisis (this time COVID) that produced a huge monetary stimulus. Banks responded by rallying. Then, as now, they’ve gone through a period of consolidation, and in both cases have broken down from rangebound conditions.

It remains to be seen if this fractal will continue to “rhyme,” but at least so far, this still looks awfully familiar to me.

WFC


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