RY update.

RY oct 11 2011

The Royal continues to not show its hand unambiguously. I still suspect that at least one other down leg is in the cards. The stock did not shoot up to about $52 as it would most certainly have done if the low was THE low. Also the intervening retracement was unusually deep, perhaps indicative of a triangle forming. All waves 2 shown are zig-zags, therefore it is likely , given alternation, that a wave 4 ,regardless of its degree, is a flat or triangle, sideways in other words. We will have to wait. Perhaps Slovakia’s rejection of the EFSF as the one and only out of 17 will get a ball rolling.