Tadawul All Share Index Wave Technical Analysis: All Bearish
We determined the bullish correction wave of Tadawul All Share Index (TASI) on a weekly chart as the 4th correction wave being built. However, there still exists an opportunity that the 4th correction wave will fail to finish and turn into just a correction subwave within the extended C impulse wave. If we have a look at the Awesome Oscillator of the weekly chart, we will see that its basic line has crossed the zero line from positive to negative and also changed its color from blue to red thus giving us a bearish signal.
As the current wave down extended more and more, we have to reconsider its level from a 16-hour to 2-day time frame. The A and B waves of 2-day chart are drawn with violet lines and still have a bullish direction.
A smaller 3-hour time frame has failed to finish the adequate 4th correction wave up having limited it to a subwave scale and continued the bearish momentum C.
We could see this correction wave as the 4th bullish wave on an 1-hour chart that was followed by the 5th impulse down.
Smaller time frames also do not show any bullish signs at the moment.