Elliott Wave Analysis of Dubai and Kuwait Stock Index

KWSE 14Dec09
Here are the charts of Dubai Financial Market Index as well as Kuwait Stock Market Index. I prepared the analysis of Dubai Markets before the news as you can see from the date on top. Both charts are posted here just to illustrate the usefulness of elliott wave analysis of stock markets even if one is considering an emerging market such as Kuwait. Enjoy!

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  1. Nice to see that Kuwait SE may start an upmove soon.

    What sense is India’s Sensex is making sir? Look forward to an update from you. I am seeing it in a very narrow range for the past several days and three attempts at breaking 17500 levels recently. Will it be a triple top break upwards?

  2. Hi, I am a follower of your analysis and commentary – it makes a very interesting read. I would be appreciate your view/analysis on AUD/INR. How far can aussie continue to rise against the rupee. Having peaked around 43+, when are we likely to see a turn around and how low could it possbily go. I had converted AUD to Rupee at 39 and I’m patiently waiting for the exchange rate to head back towards 39.

  3. Hello Ravi
    We could get a dip to 40.60 which is where you might consider reducing your position. However, be aware of early support coming in at 41.50 which could produce another attempt higher. That attempt has to fail for us to see 40.60. Eventually, a move back to 43.60/75 is looking possible after we get this small correction

    1. Thanks for your comments. It is much appreciated. Today the exchange rate for AUD/INR was around 41.63. lets see if is goes below 41.50 support level.

  4. Hi Sathyamurthy and Prakash. The indian markets have been trying to overcome the 17493 highs, but seem to struggle as of now. Failure to go up this week is going to expose a test of the support near 16300. That needs to hold to open the possibility of another move higher. Else, the Indian Markets will commence their long overdue correction toward 13500

    1. Dear Ramki,
      I’m following your blog for quite sometime. I really got interested in elliott wave principle after reading you analysis. You last posted your analysis of BSE during september. When we can expect your next post on BSE(with elliott wave charts).


  5. Hi Ramkiji,

    I saw your comment on the AUDINR movements. It was surprising for me and I have this doubt. AUDINR is not directly traded. It is derived from AUDUSD & USDINR. So, my question is whether technical analysis & Elliott Wave Analysis will work on derived charts like AUDINR , EURINR etc.? Even if they provide good signals or indications….will they be worthy?

    Would be pleased to hear from you on this.

    1. Hello Muthu, as both AUD and INR are freely traded, the derived croses will also be governed by human emotions, and hence Elliott Wave Principle will apply. We have already come down to 40.94, and looks like it is heading in the right direction for our friend.

  6. Dear Ramkiji,

    Thanks for your enlightening update. I have kept myself out of derived crosses till now. Just now it’s striking me…Stock indices are derived from freely traded stock moves and i do analyze stock indices… 😉

  7. Dear Ramki,

    Thank you for your posts, I just came out with your blog while Iam searching the net, and it is really interesting, and it seems since mid december you haven’t updated Kuwait and Dubai, and I would appreciate if you can update, coz I;m expecting a stronge move in Kuwait, and Kuwait to be the outperformer of the GCC markets for 2010 but for Dubai we are at 1700 which is holding wellfor few days but iam not very excited especially after seeing the larged volume of shares of emaar dumped in the market at the peaks of 2009 at 5.01 sold 164 million shares and at 4.26 which is on the day of the opening of Burj Dubai sold 162million shares moved the stock from 427 and closed around 4.03 and currently trading at 3.52 . In my opnion I see a moce up as a pullback that can be used to offload before correctly donw and breaking the bottom of 1427 then we see a huge move.

    Can you tell me your view please, Iam so interested to know and would appreciate if you can show me your updated chart on Dubai Kuwait, also Emaar if possible.

    Many thx

  8. Dear Ramki,

    Ho are you today, dubai market today broke 1700 and closed at 1673 and kuwait market ended positive at 7014

    Will you please update us on both the indices, as we are at a very critical level

    Thank you so much

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