Saturday, July 19, 2008

$TSX-TC Update for 07.19.2008


Monthly chart continues to show weakness and more selling. Index is currently below its 8ema, and below the up trendline in place. Short term support was found off the .618 fib retracement level of the last leg up off the January 2008 low. No buy signal/pattern yet on this timeframe.
Weekly chart better shows the sharp selling off the June 2008 high. Index is currently below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.
Daily chart shows that my target 1 at the .618 fib level has been hit. Price continues to remains below the down trendline in place, and below all key moving averages. This is looking like consolidation/trading range for now. No buy signal/pattern evident on this timeframe.

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