No big surprises here, other than the tenacity to stay up there. Maybe things are starting to move, it has left a little island hanging up there in thin air. The main problem , for the moment at least , is that it cannot grow!
RY
RY again
This market is wearing me down quite a bit.We go down 1000 points and come right back up 1000 points, each time setting new records. It makes one doubt the accuracy of certain calls and that is why I am repeating my expectation that RY will trade back down, now to at least below the $49 level, unless the stock trades above $63.
The stock has a near perfect EW pattern, 5 down , 3 up and despite the fact that this has taken a lot longer, and that the stock has gone a lot higher, NOTHING changes un till the outlook is negated by trading above $63.
RY , again
It was not surprising that RY would have a little jump to about $59 as anticipated on the 18th of Feb. However, we got a little more than expected, all the way up to $60 +. This makes the outlook a little more precarious but unless we make a new high , this does still seem to be the correct EW interpretation, but the target of $44 should be raised accordingly to about $47 or so.
RY, CM
As the head of the largest Quebec based pension fund recently cynically observed, the TSE is one big China play if you take out the banks. Everything goes up 50 points a day for months on end but most of the time the banks do not partake in this feast. The RY has even earned an outright sell rating by one of the better and independent (though ironically affiliated with RY) analyst bureaus , that goes by a name that suggests it is telling the truth, albeit in Latin.
We have steadfastly maintained that the Royal Bank should trade at around $44 before it does anything else. Despite the fact that it has taken about 4 months longer than originally anticipated nothing has changed that outlook. The first leg down from the all time peak of $63 (and double-top plus a little), was a clear 5-wave move. The correction following that very quickly regained almost 62% but it was only part of a more complex correction. Now the stock is again approaching that level and even though it could go slightly further it is within a few dollars of the target. Then it should drop at least to $44
The Commerce (a longer time frame!) has followed a different path but it is equally clear. The A-B-C from the lows has a very clear (so far at least) wedge formation that is within a single dollar of the upper trend-line. Amazingly the RSI and MACD do not confirm the new highs.
By the way, the CM/RY spread trade would have worked exceptionally well!