All donations go towards web site maintenance for all of Technical Watch,
keep it free of charge, and may be tax deductable as an investment expense.


PayPal Verified
Join our market chat sessions every Tuesday and Thursday at 4:00 pm Pacific time!
More information on subscriber services can be found at
http://www.technicalwatch.com/subs.htm




Support Technical Watch!
Buy from our Book Store!
Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
Jwallace

TW Member
Registered:
Posts: 5
Reply with quote  #1 
Hello everybody...

I read an article in news paper that Kuwait Stock Market is about to make a big impact after a sharp correction and i would like to share with you guys and get your advice from that attached Weighted Index chart with elliot wave marks if the market made a bottom and if the correction has ended or its about to end soon ?? your help is so appreciated

0
fib_1618

Moderator
Registered:
Posts: 4,495
Reply with quote  #2 
Hi Mike

And welcome to Technical Watch.

It's hard to fully answer your question based solely on this 18 month price chart on whether the count might be correct or not. It's sort of like seeing someone walking down the street with long hair and deciding if it's a man or a woman from a distance.

Would it be possible to provide a longer term chart that would show the entire price sequence leading up to the marked 3rd wave on the chart? If so, it would also help to show some volume statistics with the data. If volume data is not available, please apply a 5 day RSI and a 13,21,8 Hist MACD to the price data and we'll see if can discover if there's any "impact" to the pattern forthcoming.

Fib


__________________
Dave's LinkedIn Profile

Technical Watch Twitter Page

Technical Watch Facebook Page

"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

0
Jwallace

TW Member
Registered:
Posts: 5
Reply with quote  #3 
Ok will do
0
Jwallace

TW Member
Registered:
Posts: 5
Reply with quote  #4 

there you go 6 years Price index chart with volume I hope that helps


0
fib_1618

Moderator
Registered:
Posts: 4,495
Reply with quote  #5 
Count consideration attached based solely on volume considerations and their direct relationship to the price pattern itself. Other tools, such as RSI or the Hist MACD, would help clarify the merit of this count. But to answer to your question, yes, we might indeed see a "big impact" here near term, but don't be too surprised if it's something to the downside.

Please do keep us up to date with this market. The building boom going on over there right now can only be compared to that of the boom seen in New York in the late 1920's, so it will be interesting to see how things "shake out" this time around.

Fib




__________________
Dave's LinkedIn Profile

Technical Watch Twitter Page

Technical Watch Facebook Page

"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

0
Jwallace

TW Member
Registered:
Posts: 5
Reply with quote  #6 

hello Dave

this is the Kuwait stock market average chart since 1994 , and the red Wave three is labelled as you mentioned before ..

I also attached a chart for the coorective pattern for what i supposed The red Wave four ..

kindly ,,  is it an Expanding triangle ?? what is the coorective Pattern ??

and how long it takes to complet The red wave four ???

Best wishes ..


0
fib_1618

Moderator
Registered:
Posts: 4,495
Reply with quote  #7 

Hi John


My apologies for not responding sooner.


The longer term chart you've provided does add greater clarity to the price pattern, and my responses below are based on the RSI setting you have (what is the time element?) and solely on Elliott methodology:


Quote:
kindly...is it an Expanding triangle ??


Based on the total pattern structure from 1994, it's more than likely a "Reverse Symmetrical". The difference between this and the "Expanding Triangle" is that the "expanding" occurs in impulsive moves, and the "reverse" occurs in corrective moves.


Quote:
what is the corrective Pattern ??


I've marked your intermediate term chart below with what I would label the preferred count based both on the volume pattern and the RSI. It should be noted that under the reverse symmetrical triangle, you could see price move to just above the area labeled 2? before finally moving lower in wave 3 of (C).


Quote:
and how long it takes to complete the red wave four ???


The usual and customary time it takes for wave {4}of an impulsive wave sequence to take is .382 times the time it took wave 2 to complete. Based on the longer term chart given, wave {2} lasted about 4 years, so wave {4} should minimally last about 15 months - which should put it somewhere around the second quarter of 2007.


Also keep in mind that if the longer term count is the correct one, this same 4th wave should find its ultimate price support around the early 2004 lows, and I would give precedence to this price objective over the time it takes to get there.


It should be interesting to see how this all works out given the current market conditions this past week. And yes, any move above wave (B) suggests that something else is going on and would be up for review.


Fib




__________________
Dave's LinkedIn Profile

Technical Watch Twitter Page

Technical Watch Facebook Page

"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

0
Jwallace

TW Member
Registered:
Posts: 5
Reply with quote  #8 

Quote:
Originally Posted by fib_1618
Count consideration attached based solely on volume considerations and their direct relationship to the price pattern itself. Other tools, such as RSI or the Hist MACD, would help clarify the merit of this count. But to answer to your question, yes, we might indeed see a "big impact" here near term, but don't be too surprised if it's something to the downside.

Please do keep us up to date with this market. The building boom going on over there right now can only be compared to that of the boom seen in New York in the late 1920's, so it will be interesting to see how things "shake out" this time around.

Fib




Dear Fib

      Guess what the Kuwait Market made a big impact as you said before and i would like to make sure my elliot wave numbering is right also tell me what do you think about it and is there any sign for a major correction coming soon ? or do you think the market have good future year a head i am attaching the new charts let me know what you think and thanks alot Fib.

Best Regards

Jwallace

0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.






Copyright 2000-2017 Technical Watch