Sunday, January 20, 2008

S&P/TSX Canadian Financial Index Analysis for 01.20.2008

S&P/TSX CANADIAN FINANCIAL INDEX - $TTFS-TC

Monthly chart shows the top was made in May 2007. A double top was made in November 2007, where bears started selling, taking the index down below the up trendline in place. The Index is currently below its 34ema. No buy signal/pattern evident on this timeframe.

Weekly chart shows the 3 wave abc pattern into the November 2007 double top. Index is currently below its prior key LIS and s/r of 200.47. No buy signal/pattern evident on this timeframe.

Daily chart shows possible wave 3 impulse wave. Down trendline in place and remains intact. no buy signal/pattern evident yet. Look for further weakness in the week(s) ahead.

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