RY, Royal update

ry sept 8 2015

We have looked at this chart for hours and have to conclude that, perhaps, the pattern within the chart represents A-B-C correction that follows the typical “flat” 3-3-5 structure. In this case the C has a distinct diagonal signature which is normally associated with a termination of the trend, which was down, at least for the duration of this correction if that is what it is.

It is hard to rhyme this pattern with the action displayed by some of the smaller ones such as CWB and HCG both of which are down already 40% or so. But then LB is very close to making a new high. With such mixed signals we have to keep an open mind for developments that do not fit.

Alternative possible interpretations do exist, as in a series of 1-2’s, but none look clean and convincing so be prepared .