KWSE near a short term low
20 October 2008
The Kuwait Stock Index is approaching some short term objectives between 10500 and 10760. Expect a recovery to around 11500 as a first step, and later on to 12200. It is likely that this move will not be a simple and straight move as there are many badly bruised traders out there. Even after we reach 12200, there will be nervous selling that could take the index down again, but should that attempt fail to break to new lows, then we will begin to think of the possibility of a more sustained recovery. | |
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I teach exactly this kind of Middle East markets setup, step by step, in the impulse and correction chapters of Five Waves to Financial Freedom, the same tools used across every market I trade, including Middle East indices.