TSX update

TSX apr 2 2012

We are of the opinion that the TSX is already cooked. The EW count that best fits the action over the past 5 days fully supports this view, at least for now. There was a clear 5 wave drop of about 400 points followed by a 3-wave rebound that has retraced 85%, so far. Today , of course, there is again bullish news, this time ISM numbers from China. Did not know they existed but there you go. Also the Eurozone has the highest unemployment rates since , again very bullish as this will help a European QE whatever get launched etc. etc. In any case if the TSX stays under 12600 we could possible have a start for the bear.