JP Morgan, the virtual central banker of the US before there was one, earned something like 4 bln. on revenues of 24 bln. That is approximately what all the Canadian banks combined do, but from what I heard it was a lukewarm result, whatever. For some reason I have not had JPM on a blog before but looking at it again today, I struck me that this bank has moved almost precisely the way RY has.See below.
Both are very confusing.. All the tops are so close that one needs a looking glass to figure out which is which. This could be an almost 2 year a-b-c if you want to get bullish but that does not fit the (my) big picture well. An alternative, just thinking out loud, is that we completed wave 3 Wave 4 cannot trade above $35 or there would be overlap, un less of course , we are forming a huge wedge, the only structure where that would be possible. We will keep an eye on it as this leg down just seems to be too long for a first (single) wave.