BNS Bank of Nova Scotia

bns sept 27 2012

The Bank of NS is a great bank that must have studied EW it conforms so nicely. Look at the big black line, the and the MACD, none of which has anything to do with EW but paints a very negative picture in its own right.

The wave structure is that if a 1-2, 1-2 starting, presumable, wave C down. The two retracements are , roughly , similar in size, give or take 70 % calculated simple by counting the blocks. The only fly in the ointment is the 5th wave in the second, smaller, impulse wave down. I assume it was a failure. There are a good number of alternative interpretations. For instance W2 may not have been complete so the stock could rise to $59 or so and then fall. For the moment we will assume that wave 3 of C is about to start. See below.

bns b sept 26 2012