Sunday, November 16, 2008

$TSX-TC Update for 11.16.2008

S&P/TSX INDEX - $TSX-TC

Monthly chart continues to show weakness and remains well below all its key moving averages. While my first downside target has been hit, there is no buy signal/pattern evident on this timeframe. Look for next downside target 2 at the .786 fib for any signs of support.

Weekly chart continues to show weakness and remains below all its key moving averages. Bears managed to come out in force last week, and managed to close the week much lower. No buy signal/pattern evident on this timeframe.

Daily chart remains below all its key moving averages. Look for continued weakness and a final move lower.

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