With a market capitalization of >$285 bln. WFC has overtaken the record of Citigroup, set in 2001, for being the largest US bank. (That was not achieved by internal organic growth as the take-over of Wachovia had a lot to do with it). Perhaps also the fact that Warren Buffett reportedly has a $25 bln. stake in this bank.

     In any event the stock is back in the channel, has overtaken both Bank of America and Citi Bank and there is little left to do. A step aside type of situation, certainly if the stock moves up closer to the trend line at about $58 or so.

See also previous blogs. This stock is not content to stop going up until it has reached the most extreme target, which would be around $50. We certainly do not advise waiting for that level to sell. Of course when discounted at zero, everything has an infinite value but don’t count on it.

Then and now charts, then being 11th March, 2012, more than a year ago. We thought $40 would be good enough, of course it has gone well beyond that by about $ 10. But absolutely nothing has changed in the wave count and with it the expectation that the stock will soon decline, perhaps when it hits the lower trend line.  This one, like JPM, is one of the few big banks that is actually trading at new highs. Why is not entirely clear.

Here is a more comparable chart;