The key index the Canadian stock exchange is always located within a corridor of fluctuation bullish. On February 2 last, I indicated that "short-term momentum of the TSX will remain bullish as long as the index will remain within the channel fluctuation. The next four graphs are on different time evolution of the curve points of the Toronto index.
On the first graph you can see that the high resistance of the corridor of fluctuation is located in the area of 14.375 points. You will also see the bullish structure of type-E T-E inverted (left shoulder - head - right shoulder) there was in training during all the summer 2010, following the break of the uptrend line Neck Figure E-type T-P reversed the bullish momentum gained strength to become later in channel fluctuation strongly bullish.
The second chart shows daily period of more comprehensive areas tipping point that determined short-term trends in the TSX. In this graph we observe a strongly bearish is forged between September 2009 and September 2010, this structure was once an E-T-S (left shoulder - head - right shoulder) , I had talked to last October. The E-T-S were strongly bearish figures unlike E-T-E inverted them are bullish, then somehow it was the clash of E-T-S ... Figure bullish Ct-T-S reversed (see first chart) was fighting or canceled by the downward forces of the structure E-T-S which was created during the previous year. At the top of the zone of 12.077 points, the upward movement of the TSX was free and could fully take off which created once the current bull channel fluctuation.
Also on the second chart, we see that the next target is located on the prospective area Fibonacci 161.8% to 14.375 points, which also represents the top section of the channel fluctuation bull - see first chart.
The third graph shows the entire path traversed by the index since the peak of 15.154 points in July 2008, the last resistance of the Fibonacci 78.6% was located in area of 13.500 points, while the last major resistance is the historic peak of 15.154 points, we'll see if the current upward force is able to maintain this upward momentum with equal conviction?
December 7, 2010: The chart monthly period is so clear and precise 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 Breaking upward from the main axis of the trident Andrews. On the monthly chart, the next Fibonacci target area is located 78.6% to 13,500 points.
The fourth graph below illustrates what I described in last December, the Toronto index is actually released from the top of its upward fluctuations corridor which led to the break upward from the main axis of the trident Andrews , which was strongly positive for the TSX. The area resistance of Fibonacci 78.6% to 13,500 points was a formality for a few weeks and then climbing upward in the index continued to progressed.
Watching the monthly chart is perceived very well that the next area significant resistance is at 14.625 points , which becomes the next target prospective medium term.
The observer technique , analysis of stock markets
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