Elliott Wave Analysis of Saudi Arabia's TASI Index

Saudi Arabia's TASI index
My last Elliott Wave analysis of Saudi Arabia’s TASI index was back in July 2011, and a lot has happened since then. The index has powered ahead from a low of 5795 posted in August 2011 to the current level of 6780, a handsome 17% gain. In the big picture, I feel we could see a move to 7940, but there are some hurdles on the way, mainly around the 7000 level. Immediate supports lie at 6650, and stronger supports further down at 6500.

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  1. thank you Mr. Ramki for that, i have read the book but i got confused when to decide is the wave abc or 1,2,3,4 & 5.
    can yiu please tell me whats the key to catch the difference or how to decide that?
    appreciate if you could post an analysis of SABIC since long back we were waiting for that. pleeeeease

    1. Hi Fahad, After a 5 wave impulse move, you will count abc, provided the just finished 5 waves is not a C wae in itself. Best to go back and read the book carefully one more time! Good luck

  2. Hi Ramki
    It seems that Tasi ignored any profit taken at 7000 and kept raising up to 7200 level ,so when do we expect Tasi to take profit and where will be the support level that may reach to and reverse direction from it .

  3. Dear Ramki,
    Thanks for your information and we need your updated please about TASI because I see coming a weak in grose up while money flow and valume are coming high. So we need your support to see and update the TASI sharts. I appreciate your efforts.

    Thanks and Best Regards

  4. This is amazing. I fully agree with Fahad. And I join him in requesting you for an update. Please do update your view on TASI over the next one year (or so) timeframe. Particularly, will it be a good thing to enter fresh positions at 6500 or thereabout.

  5. Thanks for the update. Will 7325 be a nice place to enter fresh positions to hold for the next one year ? I ask this only because I believe SPX should be bottoming out around 1310 in the coming weeks. And if SPX goes down by 47 points should TASI go further below its current low of 7368 ?
    Thanks once again!

      1. Hi Ramki, could you please update your Elliott wave analysis for TASI, please.. I don’t want any trading advice, just update. Thank you for your efforts …

          1. Thanks for you replay and I can imagine how busy you are. The wave b was around your expectation, well done..

  6. l really appreciate your efforts.

    You said above the recovery point will be 7350
    I would like to know in short sentence:
    1- After the Saudi Stock Market closing on Wednesday, where are we heading?
    2- How much you are confident that for point 7209 to be the recovery point?

    1. Hello Saad, Yes, from 7350 the index went to 7604 before coming down to 7210. Then it recovered to 7639 again before coming off again. Saad, as I mentioned earlier, it is very hard to offer regular advice as I am a full-time bank treasury manager. This blog is only a hobby and a way to connect to my friends around the globe. Anyway, safe supports come at 6915 and 6875. SOmetime in June, Thomosn Reuters are planning to sponsor my seminar in Riyadh. You may contact your local Reuters to reserve your place, if you like

      1. Thank you for above information and we will be happy to see you in Riyadh, when this seminar will be? I hope it is not between June and August, as the temperature might exceed 50 during those three months…

      2. Hello Ramki,
        Thank you for your valuable comments and the time you spend answering your followers questions,this is great gesture.
        Can you tell me please, when the TASI recovers,how far will it go upward and do you believe the overall downward direction has ended and now we are in a new upward cycle or,we might see another new bottom recorded.
        Thank you again and look forward to see you in Riyadh next month.

        1. Hi Abdallah, sorry but I need to see my charts. Besides, wavetimes is a place where you come to learn Elliott waves so you can figure these questions yourself!

  7. Dear Ramki
    I am sure you are enjoying your holidays. When it becomes possible please let us know supports below 6875. I was presuming SPX is bottomed out somewhat so kind of believed this support; but Friday action in other markets has pushed TASI down to 6700 levels.
    Where next below 6875 ?
    Thanks a ton

  8. Hi Ramki
    Sorry for another update to my earlier comment. But I just came back here looking if you were able to read my comments. In doing so I scrolled up a bit to find my comment dtd April that asked if 6500 is a safe place for fresh positions of 8 months plus ?
    I think I had deduced the 6500 from DJIA & SPX projections. Believe me I am no Elliott Wave or any other wave learner; I just have a simple mathematical/statistical model that works intraday/intraweek and extremely longterm timeframes. I can’t see midterm; but my Saudi friend has been pestering me for place to enter fresh positions.
    If you can help, that will be great.

  9. Hi Ramki,

    Hope all is well.

    Been some time havent seen your updates on the MENA region, especially on Saudi Arabi & Dubai .

    Looking forward for your updates.

    Really appreciate all your efforts and the knowledge you provide for your readers.


  10. Dear Ramki,
    Kindly we need your update for saudi TASI Index, because really we don’t know now where our TASI Index goes. Is it will go more deep down or will stop in this point or will return back and go up.
    Many thanks for usual support and really we need your help in this moment from your time to show us our TASI Index

    1. Hi Fahd, I hope you are not one of those who visit Wavetimes for trading ideas! Once you learn my methods, you can figure out for yourself where TASI will go. It is not that difficult. ( FWTFF is also available in Arabic) Anyway, I will try and look at that chart in the near future. Good luck

    1. HI Man, Yes, I looked at it just now for you. Observe that we have retraced 61.8% of the move from 7185 to 6421 and hence the index is showing signs of fatigue. You should now lighten up on longs and wait for a decent correction before buying again.

  11. Dear Ramki
    Thank you for your kind observation. My confusion that I see 2 scenarios
    A. Profit taking to 6700 ( 38.2% )
    B. Expanding-Diagonal / correction to 5750
    In both 7185 resistance will lead to midterm objective 8400/8500
    Your kind thought is highly appreciated

  12. Dear Ramki
    Would you please elaborate in the big picture (ref. your chart of Feb 12, 2012).
    Are we in wave 5 of 3 of basic 3 in your earlier observation it seem we will be in 4 of basic 3 soon

    1. Hi Man, It is 10 months since I wrote that! Will have to look at the chart tomorrow. But don’t bother about such an old count. You take the current chart and start counting afresh. Go to it with a fresh mind. The market always gives you more clues with passage of time. good luck

  13. good day

    we all waiting for your update and we all sure that you will support us by updating the saudi index … im checking your site every day lloking for your update . please

    thank you

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