Year: 2020
Laurentian Bank
The 2009 low for this bank was around $23 or so. We may go there again.
Using the gap-in-the-middle convention, if there is such a thing, than that and the proposed wave count suggest that as a target for this stock. Keep in mind that this is the Laurentian Bank presumable because much of its business is conducted in, you guessed it, the Laurentians, a district in Quebec that is very much geared to tourism and skiing. Both are quite vulnerable now with the virus.
Remember that you can click on any chart and it will become bigger and easier to read.
Should this actually happen than we would have a very symmetric A-B-C correction from the highs of around $63 about 2 1/2 years ago.
Shop update
So we made a slight new high, perfection was never the goal, so here is my take again after $945. This is but one of many possibilities. This graph is linear and not semi-log and that may lead you to believe that wave 3 is much smaller than wave 5, it is not. Wave 5 is, potentially, a 5th wave ending diagonal which should normally retrace back to the base, just a little above $150, but we cannot be sure of the count. So it might be wiser to focus on the triangle wave 4 of 5. That promises a return to $400. As usual, time will tell.
OIL
Interesting that trading futures can be a very VERY risky business. Obviously this does not represent the price of oil, WTI, which is still around $20/b but it does illustrate the risk of playing with this stuff if you do not understand it. The first time I “did” oil futures I did not realize the contract was for 1000 barrels at a shot! Nor did my client. I ended up absorbing the trade in my own account (technically a no- no) but fortunately it did not cost me much..
Anyway if you were bullish on this stuff and bought your first 2 lot on Trumps advice, at say $25, you are now in the whole about $60, that is 2x $60,000 or $120,000. thank you. I am sure few people contemplated this reality. More on futures later.