The Philippines Stock Market ETF seems to move in perfect triple waves in a flat top and bottom range. It has just finished the B wave, so I have bought at market, 34.70, with a target of 40.00, the previous high, the same distance as A (7.40) and a round number as well. Stop at 33 to make the RR work, although cautious people would lower size or even entry and...
Ishares MSCI Philippines (EPHE) Bullish ABCD - March 22, 2018
EPHE completed a Bullish ABCD HArmonic Pattern.
Resistance levels are 34.81, 35.49 and 36.39. Support levels are at 34 and 33.
$EPHE iShares MSCI Philippines broke out from a Symmetrical Triangle Pattern and may be forming a Potential Bearish Butterfly Harmonic Pattern that aims to be completed at 47.
Buy at current prices to trade the breakout but expect a return move.
Resistance levels are at 40, 43, and 47.
Support levels are at 37 and 36.
Philippines ETF is going all over.
It is definitely early to say but I can't help but see signs of wear.
Bears may be taking over soon. Once they become obvious, it will be late by then.
I am cautiously Bearish.
This analysis not include personal feeling/opinion, and pure base on technical analysis
I believe that buying at 34.80 is a good risk reward even as it risks going near 34.00 We see a trading range possibility where risk is a definitive break of 34 but a reward of 40 to 42 meriting a buy at this point. More so, analyzing the PSEI shows that Oct 13, 2016 when index hit 7300 versus Nov 3 2016 when index went 7100 shows a bullish divergence using...
Philippine Index has double top, a bearish divergence using the EPHE/USDPHP spread showing this rally is weak in nature and must be shorted.
Target zones are the 1.00 (full retracement to 29.69) or a newer low at 24.00
Risk reward is skewed to the shorts.