For years I have studied stock market behavior by observing chart patterns. I won't bore you with all the details, however I will stick my kneck out a little tonight and say that I see a significant probability that the TSX and DJIA will both continue downward for a while yet. The bearish pattern is most apparent in the DJIA index so it may lead the TSX. My success rate with these types of market predictions is usually about 80 percent.
The DJIA looks like will go below the recent low near 12,000 and TSX is likely to go below the low near 12,700. If these predictions come true I would expect the further decline to last for at least a number of trading days.
The critical confirmation here is if the indexes break below the lows established on March 5th.
Link to TSX chart here. Link to DJIA chart here.
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