Weekly Chart
Tadawul All Share on weekly is performing a bullish correction that could be treated as either a subwave inside the grey C bearish wave or a probable 4th correction wave. This recovery has a narrow power to turn into an impulse as the current high on the Awesome Indicator could not surpass its previous high reached by the weekly B correction wave last spring.
2-Day Chart
In my previous articles I have been writing that the 16-hour chart shows a complex B correction wave. However, both the impulse A wave and the current B correction wave got out very prolonged. Therefore, this wave structure could be considered on an older time frame. I think we face a forming 3-wave structure on a 2-day chart. I modified my marking accordingly: violet lines match 2-day waves. The current B correction wave seems to be quite adequate for the previous bullish A wave. So if TASI will not start to build the bullish 3rd wave on a 2-day chart soon, we will have to reassign a new status for this complex bearish correction wave by examining it on older time frames.
1-Hour Chart
The bullish pattern expected on August 17th on a 30-minute chart failed by another bearish subwave extension on the older 1-hour time frame.
