{"id":778,"date":"2011-06-09T07:11:23","date_gmt":"2011-06-09T07:11:23","guid":{"rendered":"http:\/\/www.cashthechaos.com\/blog\/?p=778"},"modified":"2011-06-09T07:11:23","modified_gmt":"2011-06-09T07:11:23","slug":"canada-double-top-confirmed-and-sp-increasingly-resembles-a-wave-3","status":"publish","type":"post","link":"https:\/\/www.cashthechaos.com\/blog\/2011\/06\/09\/canada-double-top-confirmed-and-sp-increasingly-resembles-a-wave-3\/","title":{"rendered":"Canada double top confirmed and S&P increasingly resembles a wave 3"},"content":{"rendered":"

The decline over the past few weeks has started to signal a top in some of the equity markets around the world. The Canadian TSX is one of those.<\/p>\n

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The chart above shows a confirmed double top for the Canadian TSX composite index. By conventional measuring techniques and by \u00a0Elliot wave\u00a0principle\u00a0this index should decline to 12300-11000 over the next several weeks from its current level of 13183.<\/p>\n

The US S&P's decline below the April low is starting to resemble like the beginning of a powerful third wave. I expect a short-term bounce that relieves the oversold state and gets met with strong supply under 1311 S&P. If that happens expect the lows of \u00a01248 (the post earthquake low ) to give way and the 1173-74 level will draw prices towards it. The next few days are key to this view.<\/p>\n

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Bottom Line: The global markets structure has started to weaken - The Russsian RTSI after a head and shoulder top in May is declining steadily; the Brazilian Bovespa has been clocking lower tops and lower bottoms since November just like the India Nifty (though this is marginally stronger in relative terms) ; the Shanghai Index too has been taking it on its chin since April.<\/p>\n","protected":false},"excerpt":{"rendered":"

The decline over the past few weeks has started to signal a top in some of the equity markets around the world. The Canadian TSX is one of those. The chart above shows a confirmed double top for the Canadian TSX composite index. By conventional measuring techniques and by \u00a0Elliot wave\u00a0principle\u00a0this index should decline to […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,45],"tags":[],"class_list":["post-778","post","type-post","status-publish","format-standard","hentry","category-us-markets","category-world-markets","category-9-id","category-45-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/comments?post=778"}],"version-history":[{"count":4,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/778\/revisions"}],"predecessor-version":[{"id":784,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/778\/revisions\/784"}],"wp:attachment":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/media?parent=778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/categories?post=778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/tags?post=778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}