The $TSX Bounces Nicely, Now What? 2018-11-06 CT

Nov 07 19:11 2018 Print This Article

The $TSX has bounced six hundred points off of the lows. This week marks an important place on the charts. While we don't know the future, lots of previous examples suggest these current levels are zones of interest. First of all, the big downslide started as the US Dollar pushed up. Notice in late September the US Dollar popped up above this 100 period moving average. The $TSX started dropping almost in sync. Tonight's close shows the UUP sitting right on the 100 period MA and the $TSX has turned back above. 

If we put fibonacci lines on the $TSX chart, there are two different places we can do that. If we use the September 25th high (not shown), we have retraced 38%. On the following chart, I have gone back to the final high in July. We can see the three major retracement levels. ranging from 15373 to 16839. Essentially a 450 point range. The $TSX is up 600 off the lows.

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