Unlike the major 4 banks, BEN is still a long way below its all time highs where it requires a rally in the order of 80%. However, that is not to say that it we are not going to see further upside in the stock. Looking at the wave structure since May 2012, it appears as though it is currently in a continuation pattern that we can label as wave 4. It may require another couple of weeks hovering around the $10 mark, but if it breaks to the upside, we should expect it to commence wave 5 which would take the share price up towards $12 - $12.50. If we see the stock break to the downside instead, then it should find strong support around $8.80.
