Much of what applies to BAC also applies to Sun Life and Manulife. If you were lucky enough to catch SLF at just under $15, or chased it up, you now have $7 in the trade in little more than a week. Not with MFC if you bought at the suggested price of $14 t0 $12 or lower (Depends how much lower).
Ultimately both stock can go another $5 or more up. Here are both charts.
Today’s action was pretty good and very close or even at buying points for a number of stocks, like the banks, Manulife, Ge etc. So are we there ? Not sure, as I mentioned you run the risk of missing the boat, but then again you may get a better deal.
Starting with the TSE it looks like we are NOT there yet. Typically in time the low occurs straight under the triangle apex, which means we have another week or two to go. Secondly it is short in size. Typically a 5th is equal to wave one (green) AND the triangle itself measures a greater distance (blue). Also there is barely a discernable structure, let alone a 5-wave one.
The DOW also is a little stunted at this point. The normal distance, (blue arrow) has not happened yet and as there is no triangle here the 5th wave so far is an a-b-c which is incomplete. Either a d-e should be added over the next little while or we might actually be in a diagonal, that is a wedge that needs another week or two. Time will tell. Manulife , of course, is done with a low of 12.25 today at the lower end of the 14/12 suggested range.
This is now a high beta stock, buy at your own risk. Confederation Life is a good example of a company that strayed from its core business of life insurance into what might best be described as banking. With Manu it is a little different but they too have strayed from there core competence being life insurance into the stock markets through wealth management. Confed went from AAA in the morning to ZZZ in the afternoon and I would not for a moment want to suggest that Manu awaits a similar fate, but  it is obvious that this is not a time to back up the truck.
One look at the lawn on the Bloor street head-office tells you that this company thinks in a very clean and organized manner. Everything is properly compartmentalized ( I worked for them briefly) and consequently things can be a little rigid. When they came out a few years ago with the “income plus†product, which product safeguards the buyer against the markets wicked fluctuations, the question was who carries the risk. Of course there was no risk as statistically it can be proven that there never was or will be a 10-year period during which stocks did not return at least 5%, that is until this latest black swan showed up and now it is clear that they are self- insured but then 10 years have not passed yet! With about 17 billion of this stuff on the books the stock gets hit twice on the way down. On the other side this also applies on the way up. IMO this should be bought at between $14 and $12 or lower , with a target of $24 or so.