Little knowledge can be dangerous.  When you throw darts on a board there is a chance that you may hit bulls eye. Limiting your arguments just to RRSP you are looking at a very small part of the a very large picture & you are ignoring lot of other factors which may be  affecting a stock price. For proper understanding you have to look at all possible factors & at the total picture.

I took position in this stock in Dec but did not properly monitor the stock. I am active in lot of other stocks. Did not have much time. Initially I had bought this stock along with a basket of other stock for tax loss trade. Usually in Dec the stocks that have been beaten to pulp & may have lost 80 to 90 % of the value get further beaten up when last wave of sellers throw in the towel & dump their positions. Usually during these times some stocks complete the selling cycle or capitulation takes place where most sellers are exhausted. Some stocks create new 52 week lows. In Dec I  check the new 52 week lows list daily & pick up stocks.

Unless there is really something fundamental wrong with the company like serious financial problems & running out of cash with potential of bankruptcy most stock bounce in Jan when sellers are exhausted. CLL is one stock that continues to create new 52 week low. It is possible that some RRSP money is used. Usually it is more aggressive money like tax loss traders bottom feeders & bargain hunter get involved in stocks at 52 week lows. Chunk of new RRSP money comes in last few days of the deadline. Mostly goes to ETFS & Mutal funds & not to stock that have lost 90 % of the value or trading close to multi year 52 week lows. I have not yet checked. But I do not think that ETF is part of any major ETF / Mutal Fund. I could be part of very small indices.

 Look at the chart of ELR it tells a story & it is lot more than your RRSP theory.

 In mid  November the final phase of tax loss selling started which pushed the stock to new 52 week low & the stock was really ( VERY VERY ) oversold. The stock remained over sold for a relatively long time & RSI was around 20 because tax loss sellers was busy existing the stock. Then around Dec 11 the sellers dried out around $.13 for a few day the stock was in a very tight range. Look at Bollinger bands from Dec 11 to Dec 17 there was big pinch on BB. A pinch in BB indicates a break out of the range. That has happened with the stock.

ELR had completed its selling cycle in Dec. Beside Jan bounce there are lot of other factors in play. One of the most important factor is the commodity price.

 The commodity price was the reason that the stock collapsed from over a $1.00. I do not know what is the break even price of ELR. When the commodity price goes high enough so that ELR can break even then glory day for ELR will be back, RRSP season or no RRSP season

Only  RRSP factor is too simple an explanation.