Hello Everyone. There have been several requests from traders in the Middle East for an update on the Saudi Stock Index. You should take a look even if you have no interest in this market! Let me share with you some charts today just to show how you could have identified key levels by using some of the techniques you read about in my book Five Waves To Financial Freedom” The first chart here shows how you could spotted an important turn level by identifying a 50% retracement of a prior big down move.
Afterwards, from around 7950, the TASI index came off to a key support at the 70.7% level as shown here.
Was there any way you could have gained confidence that this support at the 70.7% level is likely to produce a bounce? Sure. Take a look at the next two charts.
More recently, we have run into some selling just below 7200. Wonder why?
Well, this blog intends to TEACH you how to use Elliott Waves. And it is all FREE. Go ahead and explore the hundreds of examples. Of course, you could also get hold of my book, if you like.
Thanks a lot for the teaching.
Dr Sanjay, its my pleasure
Thank Ramki fo rthe update, but was is the next counting and its alternative in this case?
Appreciate your response.
Also would like to see your view on Dubai Financial Maket.
Hi Yousef, I suggest that you try your hand at figuring out the next steps. Use the techniques you have learned from this blog and maybe the FWTFF book.
Hello Ramki, Thank yu for this effort. Would you please share your expectation on TASI’s movments for the coming quarter? are those charts suggesting that a new upward wave has been started from the buttom 6,400 and targeting 9,000 levels?
Your charts clearly showed how traders could have identified key levels by using your highlighted techniques. Bottom line 7180 resistance is the key, otherwise we may see decent correction. Shall we say 6900 solid support!?
Thanks and Regards,
I read your lovely book in an English version and i recommend it for every one who is interested in EWT , BUT you need to read it many times with applying what you get from it to your favorite market .
Can we see a new update for TASI after one year from your last post?
Ibrahim, will take a look soon. Best.
I have loved reading your book, and have learned so much from it.
I would just like to know if there is any analytical software on the net, that incorporates the use of Fibonacci projection tools. As my brokers software only has the Fibonacci retrace tool.
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
Mohammed, Thanks for writing. I have been slightly busy recently, will update sometime.
Hope all is well at your end. I was wondering why haven’t you posted any recent analysis on Saudi and UAE we see many of your analysis on most of the markets and securities but nothing much on those 2 markets or the GCC in general, while Dubai is the best performing market.
Would really appreciate if you could give us your views would really appreciate it.
Looking forward for your analysis and views.
Hello Yousef, Thanks for writing. I have been rather busy at work..hence the infrequent updates,
It seems you are so busy!
Thanks for all the previous views and comments.
Yousef, Yes. I have a regular job as a Treasury Manager, and this is just a hobby. This blog will help you learn Elliott Waves so you can apply it yourself.
would you please share your insight of TASI
Hi Man, Think the current recovery will fade in a few days setting up a significant down move
Thank you for your kind insight of TASI. one important note we may forget to mentione which is KSA decides to open the market for ” Foreign Financial Institutions’ to Invest in Listed Shares ” in Jun 15th 2015. Do you think this will change your insight
reference to your valuable insight on April 13 TASI lost 30%. now do you think this fade is over or we still will see more down trend in the coming days?
Hello Man, On the TASI, we are currently above 7300. I am quite confident that we will go back below 6920. Watch the volume at that time to give you additional clues!
Thank you again for your kind insight. Agree we would see 6000-6400.
Dear Mr Ramki
As you can see markets across the board witnessed a strong rebound including WTI and Brent which reflected positively on TASI. Would really grateful if you could provide us with you insight from an wave precpective. My sincere regards. RM
RM, The bear phase is not over in TASI. Rebounds will likely fade away in a few sessions
Thank you for your prompt response.
Ramki thank you so much for the great advice saved a lot of losses that could have been made.
Would be grateful if you could let us know your thoughts in yerms of the wave structure that we are in now and what is most probable scenario.
Thank you again and highly appreciate your thoughts.
Dear Mr Ramki
Great call on Saudi. Many thanks for you insight.
Would appreciate and Im sure also most of your followers if you could provide us with a short update on Saudi.
Really appreciate your valuable time and effort.
RM, thank you. I don’t provide any trading advice on this blog. It is meant solely to educate people on ELliott Waves. I do have another website at http://www.wavetimes.net for experienced traders
Hello Mr. Ramki
As you may notice there have been several requests from traders in the Middle East for an update on the Saudi Stock Index. It will be highly appreciated to share with traders some charts just to show how you could have identified key levels by using some of the techniques
Thank & Regards