Saudi Share Market: Tadawul All Share Index (TASI) Technical Analysis
Further to our previous review of Saudi share market (Saudi Share Market: Tadawul All Share Index (TASI) Technical Analysis dd. August 9, 2016) TASI on the older time frame 16-Hour is building the long and complex B correction. After it is finished, we shall wait for a new bullish impulse C wave. Let us have a look at smaller charts to understand the current position.
TASI on the 1-Hour chart shows us some small bullish correction that is not yet supported by the older 4-Hour time frame. Time will show if this move turns into A momentum wave or fails.
15-Minute chart shows us a new bullish impulse A wave (drawn with an orange line) that may have a relevant B correction down to be followed by an impulse C up.
On a smaller 5-Minute chart we may see that the above mentioned bullish A wave of 15-Minute Chart is composed of a 3-wave structure (plotted with blue lines). This structure will continue to develop until the blue dashed slope channel below remains intact.