Morgan has a clear chart, furthermore Royal’s is very similar so it could be that today, maybe tomorrow, this sector peaks. The move from the December lows has been surprisingly robust but now these stocks have done what they should.
JP Morgan, the virtual central banker of the US before there was one, earned something like 4 bln. on revenues of 24 bln. That is approximately what all the Canadian banks combined do, but from what I heard it was a lukewarm result, whatever. For some reason I have not had JPM on a blog before but looking at it again today, I struck me that this bank has moved almost precisely the way RY has.See below.
Both are very confusing.. All the tops are so close that one needs a looking glass to figure out which is which. This could be an almost 2 year a-b-c if you want to get bullish but that does not fit the (my) big picture well. An alternative, just thinking out loud, is that we completed wave 3 Wave 4 cannot trade above $35 or there would be overlap, un less of course , we are forming a huge wedge, the only structure where that would be possible. We will keep an eye on it as this leg down just seems to be too long for a first (single) wave.
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