In the chart above we have a basic Elliot Wave count on BETFI Index since February lows. The five waves completed and an ABC type correction started. We may be in the last leg (C) of the ABC correction to the uptrend which may target the 12.000 points area around the last Fibonacci retracement (61.8%) of the February - May rally.
In the chart above we also have a Head & Shoulders pattern with bearish implications below the neckline around 15.000 points. The projected target would be at least 10.000 points (roughly the distance between the head and the neckline projected below the neckline). We can notice the well defined left and right shoulders around 18.000 points, the head around 20.000 and the neckline around 15.000 points. Also note the increasing volume towards the head and the lower volume around the right shoulder.
No comments:
Post a Comment