S&P/TSX (Canada)

The Canadian index movement and wave counts are very much similar to the Dow Jones industrial (DJIA) or the S&P index since the start of the pandemic. In yesterday's trading session, the index almost touched the high of its previous peak and is leading as compared to the DJIA. Even the technical setup is excellent wherein it is respecting the bands and moving averages. In this case wave 3 is shorter than wave 1 which means that wave 5 is likely to be a truncated wave. Even a conservative estimate of 38.2% of wave 1 to 3 works out to 24480. In the forthcoming weeks, the Canadian index can possibly rise towards 24480 as wave 5 unfolds. Additionally, the rohits weekly momentum indicator is on a verge of a bullish crossover.