S&P/TSX Canadian Utilities Index Analysis for 01.20.2008

S&P/TSX CANADIAN UTILITIES INDEX - $SPUT-TC

Monthly chart shows possible 5 waves up into current high. Look for a test of the key LIS and prior resistance of 218.77.

Weekly chart shows that the last move up off the 2006 low was corrective in nature. Look for swift move down to the .618 of the last leg up.

Daily chart shows index finding short term support on Friday right at the 200sma. Look for possible consolidation before next leg down. I would not be surprised if we have a swift move down to the current low at 202 area.