ZEB, BMO Equal weight bank ETF

ZEB jan 2012

Another good look at the banks confirms the count. Despite the obvious mess during the last quarter of 2011, it is not that hard to find a very plausible 5 wave down pattern followed by a retracement that is now approaching 62%. Similar patterns can be found on the DAX and the HengSeng just to mention a few. As always , the market can go higher but does not have to.