BNS update

BNS dec 6 2011

Here is the expanding diagonal once again. The low today, so far at least, was at $47.54. The trend line , using a fine pencil runs about 50 cents lower so lets just call it $47+. These wedge like structures seldom exceed their boundaries even if that is possible, so that should be the best possible level to buy into this stock. Given the overlap this diagonal is the only structure that fits. However there is also the possibility that we are looking at a 4-5, 4-5 sequence; not completely out of thin air as the entire 5-wave sequence may have started with a 1-2, 1-2. But even in that circumstance the 5th waves tend towards equality with the waves 1. These are both approximately $4 in vertical distance, $5 combined, so that too has been achieved. See below;

bns msn chart