Sunday, August 31, 2008

$TSX-TC Update for 08.31.2008


Monthly chart shows that the trading activity for the month of August 2008 created a bullish hammer.

Weekly chart shows the bulls managed to close the week on its high. They also managed to close it above the 8ema and the 89sma. Looks like the market is looking to retrace the whole move down off the June 2008 high. IF there are 5 waves down, THEN look for an abc 3 wave retracement pattern into the .618 fib level.

Daily chart better shows the bullish momentum, as bulls piled back into the market. There are clearly 5 waves in the last move down into .786 fib target 2. There is a buy signal/pattern on this timeframe, with a higher low made. Look for continuation higher with the .618 fib level as first upside target.

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