My Toronto Star "recognition point" column of March 3, 2009 set out the technical conditions that have to be met in order to declare a new bull market. One condition was met a week ago Monday when the TSX cleared the recognition point (TSX Comp 9500) and entered into bull market territory.
The frame below should be familiar to the attendees of our Level I technical analysis seminars - a graphic structure of an Elliott Wave 3 which contains the recognition point
The "recognition point" can occur anywhere from a third to one-half way into the Wave 3 advance - if we assume the half way point we can now set time and price magnitude levels
This gives us a price target of 11500 on the TSX Composite Index and a time target of the first week of July 2009
And now for some good advice - never make an investment decision based on any public formant to include blogs, business TV and especially those business columnists
Posts
No comments:
Post a Comment