Tadawul All Share Index Is Building A Bearish Correction
Mtradee com | Aug 17, 2016 06:37AM ET
16-Hour Chart
Tadawul All Share Index (TASI) on a 16-hour chart is building a complex bearish correction B wave (plotted with a violet line) within the 4th bullish correction wave on a weekly chart.
3-Hour Chart
A smaller 3-hour chart shows a 3-wave structure (drawn with aqua lines) inside the violet 16-hour B wave. Now we are witnessing the bearish C in progress.
30-Minute Chart
TASI on a 30-minute chart is forming a bearish wave that may likely be considered as the B correction to be followed by a bullish C impulse wave. However, till now there are no bullish signals on smaller time frames.
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