Saturday, February 21, 2009

$TSX-TC Update for 02.21.2009


Monthly chart remains extremely bearish, with no buy signal/pattern evident on this timeframe. Look for eventual lower.

Weekly chart shows continued weakness with index well below all key moving averages and the down trendline in place. Look for continuation lower.

Daily chart shows that the head and shoulders pattern identified last week did indeed play out. Traders found short term support off the .886 fib level with Friday's trading session. There is also a possible bullish gartley butterfly pattern in place. If there is aggressive buying next week, THEN look for the upside targets at the .618 and .786 fib levels.

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