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Tadawul All Share Index: Limited Recovery

Published 09/12/2016, 06:33 AM
Updated 07/09/2023, 06:32 AM

3-Hour Chart
The current recovery of Tadawul All Share could be still considered not more than the 4th correction wave on a 3-hour chart that is likely to be followed by the 5th impulse down. The fact is that the current high on the Awesome Oscillator has not yet beaten its previous high corresponding to the B correction wave. Therefore, the bullish potential is not yet enough to start a new trend.
Tadawul All Share Index (TASI) H3 Chart

15-Minute Chart
On a smaller 15-minute chart we may see the enclosed 5-wave structure drawn with orange lines. If the recovery terminates, we will firstly see the break below the blue dashed slope channel protecting all the wave up on a 3-hour chart as all big moves always start on smaller time frames.
Tadawul All Share Index (TASI) M15 Chart

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