3-Hour Chart

The current recovery of Tadawul All Share Index 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.


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.


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