Banks, all of them and not just the Bank of Montreal, constitute a large sector of the investible Canadian market. In Canada, when you are not sure what to do, which for the past seven or so years must be just about all the time, you buy a bank. Not any bank, but one of the big five as the small ones usually turn much earlier as some already have, a few years ago, see HCG and CWB.
As always there is some ambiguity in the EW counts but the alternative is pretty draconian. Theoretically BMO could drop back to the level of the 4th wave of previous degree, say at $20. The same holds for the capped financials. Ergo it is time to lighten up or even sell the whole lot.
Below are charts of HCG and CWB. They peaked quite a while ago and are precariously holding on to recent corrective gains. After that they should continue down.