Indeks Komposit S&P/TSXPenjualan
TSX - I'm pretty bearish
If we've reached a market top for the time being (looking back over approximately 10 years) there's nice confluence between fib retracement levels, volume nodes, and some key support/resistance zones I've drawn.
A market pullback to the 0.5 or 0.618 fib level wouldn't surprise me.
Alternatively, if we're just seeing a market pause (accumulation), we could see the market rise some more before a major pullback. In that case, the 0.618 as I've drawn it could move up to where I currently have the 0.5 fib level. A retracement to that area would still make sense, imo.
I don't like seeing price rise while MFI is dropping (Bearish Divergence). It means money is leaving the system and can signal a price reversal. I also don't like current inflation, hawkish fed policy, and excessive money printing in the US. That's a setup for a late-1970s era situation.
This is all purely macroeconomic speculation, of course.
Have fun, and be safe.
A market pullback to the 0.5 or 0.618 fib level wouldn't surprise me.
Alternatively, if we're just seeing a market pause (accumulation), we could see the market rise some more before a major pullback. In that case, the 0.618 as I've drawn it could move up to where I currently have the 0.5 fib level. A retracement to that area would still make sense, imo.
I don't like seeing price rise while MFI is dropping (Bearish Divergence). It means money is leaving the system and can signal a price reversal. I also don't like current inflation, hawkish fed policy, and excessive money printing in the US. That's a setup for a late-1970s era situation.
This is all purely macroeconomic speculation, of course.
Have fun, and be safe.
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