Deep correction for PSEi is at hand?

Our index continue to create lower highs and lower lows. Is this the start of a deep correction for our index? The red line we placed on last time was broken around March of this year but after few days of testing the newly found support it shows some weakness. Yesterday our index fell below the slope and the 23.6% Fibonacci Retracement level. Today it went up but not enough to close above the lines.

By the way we also saw a weak bearish signal yesterday via Kijun Sen Cross. I think the immediate support for our index is at 6300 and if this will be broken we will have the 6229.45

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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