The minimum target prospective 13.000 points set on October 13 last was the first step to achieve, then the extension Fibonacci 161.8% 13.095 points was located the next target. A differential of only 21 points separated the target 161.8% Fibo of the top real 13.114 points, followed by a contraction / consolidation is initiated on November 9 on the index.
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Currently, the curve points for the TSX is well above the 13-day moving average, which indicates a lot of upward force, it can also be represented area on purchase, but any rise upward climb causes a zone to purchase, it is automatic, one does not go without the other ... I have already mentioned several times that when a security or index remains above the 23.6% Fibo zone which is currently located at 12.754 points, this represents the bullish strength and continuity of the potential short term bullish momentum.
No significant downward movement can occur as long as the index remains above the moving average of 13 days and above the 23.6% Fibo zone.
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Currently, the curve points for the TSX is well above the 13-day moving average, which indicates a lot of upward force, it can also be represented area on purchase, but any rise upward climb causes a zone to purchase, it is automatic, one does not go without the other ... I have already mentioned several times that when a security or index remains above the 23.6% Fibo zone which is currently located at 12.754 points, this represents the bullish strength and continuity of the potential short term bullish momentum.
No significant downward movement can occur as long as the index remains above the moving average of 13 days and above the 23.6% Fibo zone.
Indicator MACD (Moving Average Convergence / Divergence) is currently located in an area of significant resistance, a pivot point in some ways. This tipping point can mean two things, first is a contraction / imminent consolidation of the curve points of the index. The second possibility is a BO a "Break Out" of this resistance zone, which will engage and amplified the upward movement of the current TSX if this happens.
significantly exceed the 13.114 points , the next target prospective is set at 13.717 points , this minimum target was set using the calculation of the swing.
The second chart shows monthly period so crisp and sharp all the way through which the TSX since its low of March 2009. Currently, the Toronto index fluctuates within a corridor of fluctuation bullish. The TSX is about to come out on top of its passage, if it happens we get an automatic validation of the second scenario MACD mentioned above, this will also cause the break upward from the main axis of trident Andrews . On the monthly chart, the next Fibonacci target area is located 78.6% to 13,500 points.
To view the previous analysis of the Toronto index, HERE
Claude Bordeleau
The observer technical analysis of stock markets
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