Although I trade mostly U.S. stocks, Canada is actually my home country and dearest to my heart. Unfortunately, I see the same long term economic consequences in the years ahead, perhaps even worse than America. Canada is a great nation and believe it is still one of the remaining nations of great integrity and honesty. However, we face economic hurdles, because of continued lack of diversification from the oil & gas (8.2%) and financial sectors (7%), the two sectors that are primarily being devastated right now. Most of us remaining Canadians are employed in services, which I cannot see being supported once our primary industries are taken out.
Canada's Elliott pattern seems clearer to me than the American one, likely because there has been much less central bank interference. Nonetheless, I see a reset toward at least 2008 levels, and possibly 1987 levels in the years ahead.
This is a bleak picture, so what can Canadians to do? Well... I would say continue to be Canadians. Love and respect each other. Be kind to our friends and neighbours. Be friendly. Be generous. But also... prepare for a possible 10 year economic set back. Pay off all our loans. Reduce aggressive investments. Keep a cash reserve that can outlast any long term set backs. Learn to grow our own food. Build a strong supportive community. Trust in the strength and goodness of the human heart in the end. Perhaps even learn to short the market during periods of volatility, but be extremely careful. Become the new leaders to diversify our country.
Take care, friends.
Canada's Elliott pattern seems clearer to me than the American one, likely because there has been much less central bank interference. Nonetheless, I see a reset toward at least 2008 levels, and possibly 1987 levels in the years ahead.
This is a bleak picture, so what can Canadians to do? Well... I would say continue to be Canadians. Love and respect each other. Be kind to our friends and neighbours. Be friendly. Be generous. But also... prepare for a possible 10 year economic set back. Pay off all our loans. Reduce aggressive investments. Keep a cash reserve that can outlast any long term set backs. Learn to grow our own food. Build a strong supportive community. Trust in the strength and goodness of the human heart in the end. Perhaps even learn to short the market during periods of volatility, but be extremely careful. Become the new leaders to diversify our country.
Take care, friends.