Todayâ€™s action was pretty good and very close or even at buying points for a number of stocks, like the banks, Manulife, Ge etc. So are we there ? Not sure, as I mentioned you run the risk of missing the boat, but then again you may get a better deal.
Starting with the TSE it looks like we are NOT there yet. Typically in time the low occurs straight under the triangle apex, which means we have another week or two to go. Secondly it is short in size. Typically a 5th is equal to wave one (green) AND the triangle itself measures a greater distance (blue). Also there is barely a discernableÂ structure, let alone a 5-wave one.
The DOW also is a little stunted at this point. The normal distance, (blue arrow) has not happened yet and as there is no triangle here the 5th wave so far is an a-b-c which is incomplete. Either a d-e should be added over the next little while or we might actually be in a diagonal, that is a wedge that needs another week or two. Time will tell. Manulife , of course, is done with a low of 12.25 today at the lower end of the 14/12 suggested range.