if it breaks free above 7440 and stays up there that will cancel the upcoming negative trend, however going below 7392 is just the first signal of a downhill slippery slope towards anywhere from 5959 - 4680 ish
on elliotwaves theory we are in the B wave up or if you count waves from early jan 2020 this would be wave 4 and the next wave down 5 still didn't happen.
personally i expect the image will get clear after Q2 earnings ( starting soon for all companies ) but also keep in mind Q1 was great because the impact of COVID was only in march, so i expect Q2 to be really bad
certainly noticed pressure on leading stocks in the index such as rajhi and sabic and most international analysts think they are overvalued now
Safe trading :)
chak16
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@Waves_of_life, Thank you for your reply. much appreciated.
chak16
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@Waves_of_life, Any good analyst to follow, that post more often?
if it breaks free above 7440 and stays up there that will cancel the upcoming negative trend, however going below 7392 is just the first signal of a downhill slippery slope towards anywhere from 5959 - 4680 ish
on elliotwaves theory we are in the B wave up or if you count waves from early jan 2020 this would be wave 4 and the next wave down 5 still didn't happen.
personally i expect the image will get clear after Q2 earnings ( starting soon for all companies ) but also keep in mind Q1 was great because the impact of COVID was only in march, so i expect Q2 to be really bad
certainly noticed pressure on leading stocks in the index such as rajhi and sabic and most international analysts think they are overvalued now
Safe trading :)