BNS update

bns june 20

From the recent lows BNS has traced out a near perfect counter-trend rally, three wave affaire, an a – triangle b – c . The c part may not yet be completely done. Wave 4 of 3 of 1 of C (no wonder lots of people are turned off by EW, but it is what it is) is at $53.5 and c=a at $54 and 62% slightly above that. If the stock could manage another dollar up today we would sell. If it doesn’t we would still sell. Next on the menu is the dreaded wave 3 of 3, usually the longest and strongest of the lot. See also previous blogs. Even though the are not trading in lock-step with each other all the time, essentially the same approach should apply to all of them.

By the way, looking at  an argument could be made that we are only in wave 4 of 1. Do not think so.Yesterday’ more than $2 rise suggest some degree of exhaustive desperation. We should know in the next month. Here is that chart;

ry june 20