This is how far the US has gone;
If your bank returns your check marked “Insufficient funds”, you call them and ask if they meant you or them.
Source unknown.
WTIC, West Texas Oil.
Looks like we have made an overnight low on the nearest futures contract, this is probable a minor degree low, good for a $3/4/5 bounce!
CM. Canadian Imperial Bank of Commerce.
If there is any bank in Canada that has made a public display of incompetence, is particularly prone to nepotism and is totally a-moral if not immoral, it is the Bank of Commerce. All over Canada we still have their offices like little fortresses in local communities, and of course, HQ in downtown Toronto was , for decades, the tallest building in the British Empire. They have not been able to shed this mindset and it has cost them big time.
To get to the point, this chart “predicts” in EW terms that the stock may well drop to the 4th wave of previous degree, no different than your daughter getting married at age 27, not that I know here , but that is what 95% of them just happen to do. That is at about $22 As one truly silly investment advisor on BNN said today, “It is not timing the market, but time in the market that counts” .Clearly this guy has never put a foot on a trading floor of any financial institution, preferring to dream on in some sort of moronic isolation. Another $5 and you will have made NOTHING on this stock over a 14 year period, except the dividend! See previous blogs.
CLC, CML Healthcare.
In the May blog we suggested CLC might find a low at about $8. The structure was that of a diagonal or wedge. Each leg within the structure should consist of 3 legs. In the top chart , starting at the beginning of 2010 that is the case. The last leg itself should consist of 5 waves, it is. The only thing that could be missing is the 5th of the 5th. It is probable a buy now!On second thought this may still be too high. The chart is hard to get but this one is from the website;
The wedge idea may be incorrect. Instead it may be a double zig-zag a-b-c X a-b-c in which case $7,50 looks more appropriate. Also the wave 4 of previous degree is even lower than that, more like $7. The difference between the top chart and this one is that it is semi-log scale, which puts the equality point somewhat lower. Furthermore, the wedge up may comprise the entire wave up putting wave 4 at $5, not $7.