$BNS - RC -
Added 2023-07-15 15:28:11 +0000 UTCVery long term chart here for the Bank of Nova Scotia.
It is not clear yet that this stock is out of trouble, it is still in a triangle, as shown in the chart in yellow, the 200 Day MA is still above and the 50 Day MA is crossing down through the 200 Day MA too, which is normally a bearish indication.
We can see that since 2009, the yellow trend line has been a support line and our Wave C pulls back to this level, so a break down from this triangle and we could see a retest of this trend line.
I expect this trend line to hold support.
If there is a break to the upside from the triangle and the price action goes above the 200 Day MA, this is a reversal signal.
