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SP TSX60 Index (XIU ETF): Falling Wedge under Attack ?
January 19 ( From Stockcharts )
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The SP TSX60 Composite Index ( XIU ETF ) reached last week a Major
Support Trendline from a Falling Wedge Pattern that started back since
October 16 2014 and stand at 17.87 for January 19.
( See 1rst Chart Below - Red Trendline - Ellipse ) But one interesting technical factor is that my TSX Trendicator is in
Divergence since December 14 2015; Higher Lows on the Trendicator as
the SP TSX60 is making new Lows.
But the most interesting technical factor is that we broke last week for the SP TSX60 Composite Index the Monthly Major Support Trendline that started back on October 2011 and also the .382 Fibinacci retracement at the 18.35 zone. This is the last monthly defensive line for Bulls; if broken the next big level is at 15.61 ( low of the October 3 2011 week). XIU ETF is definitively at a crossroads if ain t recover til month end above 18.35.
( See Second Chart Below - Grey Trendline - Ellipse ). .
SP TSX60 Index (XIU ETF): Falling Wedge under Attack ? $TSX #Trading #Canada #investing #tsx60
SP TSX 60 Index - XIU ETF ( Daily Candles - Top Panel )
20 DMA ( Yellow Line )
50 DMA ( Blue Line )
200 DMA ( Red Line )
SP TSX 60 Index - XIU ETF PVT ( Bottom Panel )
SP TSX60 Composite Index - XIU ETF