May 122010
 

Here is the Elliott Wave Analysis of Saudi Basic Industries Corporation, or SABIC. Actually there are two charts that I would like you to see. The first is a monthly chart that shows the huge 5-wave rally to 252.61 has been corrected by a 3-wave decline. Wave B retraced Wave A by 61.8%, and then we got the unholy dump.

The second chart on the right shows not only the internal waves of Wave C, but more interestingly, the current rally from the lows. What I can see is an extended 5th wave. Now you all know how much I love a fifth wave extension, because fifth waves can make you rich. Go back and see the numerous examples of extended fifth waves in this blog and you will be amazed! Once we finish this fifth wave, I am looking for a sharp sell off that can easily take the stock of SABIC down to the 75 or even 66 Saudi Riyals level.  So be ready for that event.

  6 Responses to “Elliott Wave Analysis of Sabic (Saudi Arabia)”

  1. dear ramki I enjoyed your analysis very much, Thank you
    for your for your time

  2. dear ramki I enjoyed your analysis very much, Thank you
    for your for your time

  3. Mr. Ramki, Sabic saw a strong selloff when oil prices started to drop reach 68 a barrel 2 weeks back and Sabic dropped to 76.75 taking all the profits it made earlier this year along with the index. Yesterday the Saudi market witnessed a very strong move up of 5.5% and Sabic made a huge move up to the limit up of 10% to close at 88 after reaching a drop previous week to 76.75 and as for volumes in general the volumes were big not seen for a long time.

    Appreciate your views.
    Thank you

  4. Hello ‘ah’, Thanks for reminding me about SABIC. I have posted a new comment today on this stock.

  5. Thank you Mr.Ramki
    I like to work with Elliot Waves

    But I depend on my selftstudy so I face some confuse when I number the wave !
    so I woud like to give me head lines to number the wave by the correct way.

    thank you very mutch

    • Hi Hasan, as I have many friends in the arab world, an Arabic translation of my book will be ready in a few days, and i am sure you will be able to understand the EWP better once you read that edition. please tell your friends to be on the lookout for an announcement soon!

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