After the 03/04/23 blog “Philippines Stock Exchange Five Year Pattern” there was a large increase in views on this website, and an inquiry about a Philippines Stock Exchange (PSEI) rally. This week there will be updates on the PSEI. What’s developing with the PSEI could have implications for the global stock community.
The daily PSEI chart courtesy of Trading View illustrates the action.
The 03/04/23 blog noted that on the weekly chart the decline from the 01/24/23 top did not have a clear three wave subdivision. However, on the daily chart the decline so far has a three -wave pattern. Also note the presumed wave ( E ) bottomed in the area of prior chart support.
Important support is at 6,537.52 which is the bottom of Intermediate wave ( E ), traders can use a move below this support as a stop loss point.
If the 6,537.52 bottom is broken the next target for a bottom is in the area of 6,429 which was noted in the 03/04/23 blog.
Another PSEI update will be posted on 03/07/23.
Four Dimension Trading 