Egypt Index ETF recovers to challenge its all time high.

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Egypt Index ETF Market Vectors ( EGPT             ) weekly chart suggests a very bullish scenario for the market. Let's take a walk along its history first to draw a vivid picture of its future.

The index declined sharply after its inception due to political turmoil in Egypt, moving from approximately 90.00 to 37.00. Then a rebound to 64.00 followed by another decline to test 37.00 at which a new strong rally has taken off, supported by overall positive political sentiment. This rally managed to breakout above resistance level 64.00, forming a perfect shaped double bottom . The story doesn't end here, the index formed another consolidation above the broken line, a bullish pennant , to confirm the completed double bottom pattern.

So, what does this mean after all? The index is expected to move strongly upward, targeting its all time high at 90.00, which-weirdly enough- is the target of the double bottom pattern. But, to reach that target, two possible scenarios are at hand. First, a strong rally to that directly, or a rally to resistance level 80.00 followed by a setback then another rally to 90.00. Both scenarios are possible but the latter is more likely than the former.

Anyhow, the index is in a strong bull rally that will push it as high as its historical peak.

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