S&P/TSX INDEX - $TSX-TC
Monthly chart shows the bulls managed to take the index up for seven straight months from the March 2009 lows. The last high made was right at the 34ema resistance level. Is this just profit-taking for the next leg up, or is it time for a much deeper retracement?
Weekly chart shows the last high made was made with regular divergence on the cci Momentum indicator. The whole move up off the March 2009 low was made with a three wave pattern so far. Look for potential deeper retracement based on this pattern.
Daily chart shows a sell signal in place on this timeframe, as a lower high was made on September 30, 2009. Friday's price action indicated further conviction to the downside as the bears managed to gap down the index at the open in their haste to exit their long positions. Look for continuation lower into next week as likely. IF the bulls manage to take the index back above the 11,458 level, THEN look for higher instead.
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