RY , Royal Bank update

ry sept 5 2013

Back in February of this year the stock reached $65. That was the highest level we could come up with using a very bullish diagonal or wedge structure. This one is so big that we have serious doubts about the correctness. A simple B-wave from the $25 fits just as well and would even allow for a slightly higher price as the top has no significance in that situation. Either way, a diagonal of unbelievable proportions or a simple B-wave, the stock is done for all intents and purposes. It took seven months to add a single dollar!  In both counts the “target” is well below present levels, perhaps as low as $15. But this is Canada and this is the Royal, like potatoes to the Irish the Royal is the main dish for the Canadian investment industry . No self respecting investor would want to get caught without owning at least a bit of it, particularly in uncertain times, so it will take a while but once the process does start it should accelerate rapidly.