Long term PSEi chart now seen weak bearish signal

PSEi continue to move south and almost closing the gap at 5771.38 – 5738.06. It is clear now that the bears were just giving us a breather yesterday as there was no confirmation today for the bulls. Still no good news for our index. Notice also that our monthly chart which we are using in our Elliott Wave analysis has shown that index touches the Kijun Sen line. This is the first weak bearish signal given by Ichimoku system. This now confirms the wave 4. On wave 2 we have 3 bearish signals before it bounces, are we going to have the same number of bearish signals this time before wave 5?

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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