It has been a while since I looked at the Dubai index. From an Elliott Wave perspective, I suspect that we are continuing in a 4th wave bearish pattern that will eventually break down for a final leg. We have to be patient and enter the market only when a valid signal is seen. Click here to see the previous update on Dubai.
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Mr. Ramki,
Thank you for the update that came exactly at the right time, but I would like to ask you a question please,
On the previous update you mentioned that that wave 4 which is a complex wave is still intact and we will get wave 5 as a final wave down, and in your lastest update on the 6th May you mentioned that wave 4 is still intact for a final leg down.
So if wave 4 is down how come wave 5 also down and where would the W4 end?
For today dubai index dropped to 1660 and bounced strongly to close at 1712 would that be the end of W4? is so then W5 should be up and not down, correct?
Appreciate your reply at your earliest
Thank you
Hello MH,
Back in January, I felt that we could be witnessing a complex 4th wave in the Dubai Index. At that time, it was only a ‘feeling’. But subsequent developments have confirmed this, because a triangle is considered to be a complex correction. Waves within a triangle can take many shapes. Unfortunately, a correction is over only when it is over! If the analysis is correct, then a fifth wave will take the index towards the wave 3 low and perhaps even break that low. Thus, long term investors should wait for that dip before getting into the market.
Hi Ramki,
Market broke downward from the traingle on high volumes and now we currently stopped at a support level of 1560.
Do you think we will see a rebount towards 1677/80 levels breakout point before heading lower to break previous low of 1427 passing through main support of 1540?
thank you
Hi Ramki ,
where did you think wave 5 will end as today the index close below 1580 ? really I appreciate your knowledge , the market goes as your predected 6 months ago ! really amazing
Re Dubai Index, I think we could go down to 1420 or even 1310. But from around 1420, I will be on the lookout to buy stocks that are fundamentally sound.
Ramki,
I will appreciate any update for the dfm index. As you mentioned there is little to see till the triangle breaks. That what happened now. So, any advice or expectation for the bottom.
In the same direction, your last chart for emaar share told about emaar breaks 3 dhs and that what happened just today. You mentioned within emaar chart that it will go to 5 dhs from the recent price. Is that still valid?
thanks in advance
Hi Ramki, welcome back, wish you enjoyed your vacation.
Will you be kind to update us on Dubai Index/Emaar/Sauid Index & SABIC
Appreciate your continous efforts
Best Regards
Yasser
Yasser,
I am still not ready to recommend Dubai stocks yet as the index looks weak.
After half-year, does dfm still look weak?
or still lag the other markets and could have more potentional for going up?
dfm was the worst in the region in 2010