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Royal Bank of Canada: Bearish Diamond Anticipation

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Royal Bank Of Canada (NYSE:RY)  
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NYSE:RY   Royal Bank Of Canada
Trend Analysis Chart Patterns Wave Analysis banks reits insurance diamond diamondtop canada candiandollar canadianbanks
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trendanalysis chartpattern waveanalysis banks reits insurance diamond diamondtop canada candiandollar canadianbanks
Royal Bank of Canada has confirmed a Diamond Top pattern on the weekly, along with a breaking of the Moving Average. Upon breaking down, I think it will start a move down all the way to the 88.6% Retrace, likely near $46. Since the Diamond is a Neutral pattern and we have not gotten an official breakdown yet, I will still be on the lookout for a breakout in the other direction, but I'm primarily positioned bearishly in puts.

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