In the end we actually got the expected $5 rebound, but by tripping over our own feet in trying to execute on that. Anyway, this is where we are now. The stock has dropped back to about $45 and is bouncing off the upper channel line of 7 or so months. The move from the lows might include a minor failed 5th wave, leaving a clear a-b-c. Whatever the case, it is not an impulsive move. It could be just the A of a larger A-B-C that will be more complex but nevertheless still a correction ( in grey ). Alternatively a triangle wave 4 (in blue) could be in the making. This too will kill time and will limit the upside to $50 maximum. Either way you should be able to buy this stock cheaper, perhaps much cheaper.
Looking at the Bank of Nova Scotia a more complex correction seems to fit best;
It looks like we are doing a small triangle wave b of an a-b-c wave 2 correction that could potentially take the stock to about $55. Then wave 3 down starts!