Here is the TSE again. As we have seen with RY this leg counts best as a 5-wave affaire whereas with the insurers MFC and SLF it looks more like a two wave affaire. As I am sure not too many readers are too interested in the E-wave implications of this difference, it should suffice that at least as a minimum we should retrace the entire “wedge†in the next move, that is down 1000 out of the 2000 points we have gained during the past 6 weeks.