I predict we will hit ATH (above $87.50) by Christmas 2019, and head another 5% higher after that (PT of $92.50, then $100 by mid-march 2020). We've quite obviously been in an expanding triangle since February of 2019, and are now just breaking out of it, and will obviously fill that $83.40 gap likely this week.
Looking at the broader US financial sector, we're going to challenge the ATH (since 2007 levels) up 4% from now.
Back to Royal Bank: I charted this using the Fibonacci Resistance Fan, and you can see that we're above the 0.75 trend line. We're now breaking out of the expanding triangle, with the first target as the height of triangle. Combined with the overall sector strength, I easily see the first target of $92 being hit (which correlates with the Fib based trend extension target). As always, take 25% profit at the ATH of $87.50.
Finally, as this is a very loose Elliott wave analysis (I don't have the time or experience to map this one out), I see us in the corrective wave 4 heading into our wave 5. As per the guidelines of wave equality, I'm guessing Wave 5 will vary from 100% to 162% of wave 1 height, which puts us at a price target of $100 by spring.
RISK/REWARD: This is a buy at it's current price of $82, with a stop loss at $79.98. With the first target of 92, this is R/R of 5. Potential gain = 12%, loss = 2.54%.
Also, considering you're reading this, I'm assuming your Canadian. Yesterday, I charted out the Toronto housing market over the past 10 years, an exercise that I don't believe has been done before. I took the average sales, opening, closing, and high/low from each period to create a chart, and the results are pretty interesting. I'll be releasing it shortly!
Looking at the broader US financial sector, we're going to challenge the ATH (since 2007 levels) up 4% from now.
Back to Royal Bank: I charted this using the Fibonacci Resistance Fan, and you can see that we're above the 0.75 trend line. We're now breaking out of the expanding triangle, with the first target as the height of triangle. Combined with the overall sector strength, I easily see the first target of $92 being hit (which correlates with the Fib based trend extension target). As always, take 25% profit at the ATH of $87.50.
Finally, as this is a very loose Elliott wave analysis (I don't have the time or experience to map this one out), I see us in the corrective wave 4 heading into our wave 5. As per the guidelines of wave equality, I'm guessing Wave 5 will vary from 100% to 162% of wave 1 height, which puts us at a price target of $100 by spring.
RISK/REWARD: This is a buy at it's current price of $82, with a stop loss at $79.98. With the first target of 92, this is R/R of 5. Potential gain = 12%, loss = 2.54%.
Also, considering you're reading this, I'm assuming your Canadian. Yesterday, I charted out the Toronto housing market over the past 10 years, an exercise that I don't believe has been done before. I took the average sales, opening, closing, and high/low from each period to create a chart, and the results are pretty interesting. I'll be releasing it shortly!