TSX update

TSX apr 2 2012

We are of the opinion that the TSX is already cooked. The 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 rates since x, 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.