23Apr

TASI Index Elliott Wave Forecast Highlights Bullish Wave 3 Structure with Key Trading Levels for Saudi Stock Market Investors

TASI INDEX – Elliott Wave Analysis – TradingLounge Daily Chart

TASI INDEX Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Navy blue wave 1

Position: Gray wave 3

Direction Next Lower Degrees: Navy blue wave 2

Details: Gray wave 2 appears completed; navy blue wave 1 of 3 is now in progress.

Wave Cancel Invalid Level: 10657

The TASI INDEX daily Elliott Wave analysis signals the beginning of a bullish impulsive phase. With gray wave 2 completing its corrective structure, the market has transitioned into navy blue wave 1 within the broader gray wave 3. This suggests the formation of a new bullish cycle, often marked by growing market momentum and positive sentiment.

Navy blue wave 1 signifies the early stage of the impulsive sequence. Typically less aggressive than wave 3, it serves as a foundation for the trend, building confidence among traders. This wave emerges following a corrective retracement (gray wave 2), and its structure implies a steady rise, setting the groundwork for stronger price action ahead.

Upon the completion of wave 1, a corrective navy blue wave 2 is anticipated. This pullback may present a low-risk entry before the powerful wave 3 gains traction. The key invalidation level remains at 10657—a break below this point would invalidate the bullish scenario and require a reevaluation of the wave count.

Daily chart readings suggest potential for trend continuation. As navy blue wave 1 matures, traders should watch for confirmation through increased trading volume and consistent price progression. The evolving impulsive pattern indicates positioning opportunities before the next major advance.

This phase is critical within the Elliott Wave structure as the market prepares to move into a stronger wave 3. Monitoring market behavior now can help traders position ahead of this expected bullish acceleration.

TASI-INDEX-Day-Chart...


TASI INDEX – Elliott Wave Analysis – TradingLounge Weekly Chart

TASI INDEX Wave Technical Analysis

Function: Bullish Trend

Mode: Impulsive

Structure: Gray wave 3

Position: Orange wave 3

Direction Next Higher Degrees: Gray wave 3 (started)

Details: Gray wave 2 appears completed; gray wave 3 is now in progress.

Wave Cancel Invalid Level: 10657

The TASI INDEX weekly Elliott Wave forecast highlights a major bullish impulsive sequence. Following the completion of gray wave 2’s correction, the index is now unfolding into gray wave 3 within the higher-degree orange wave 3. This setup often characterizes the most dynamic and sustained portion of an Elliott Wave advance.

Gray wave 3 is historically the strongest wave, frequently exceeding wave 1 in both speed and magnitude. The recent breakout signals the start of a powerful upward trend, with the market gaining momentum as investor confidence grows. This wave’s development reinforces the expectation for extended price appreciation.

The broader structure shows the TASI INDEX advancing within a multi-degree bullish phase. As orange wave 3 continues to progress, long-term investors and traders alike should anticipate further gains. The invalidation level at 10657 remains a key risk marker—a break below would call this wave scenario into question.

Indicators of wave 3 strength include sustained price increases, expanding volume, and persistent trend alignment. These technical signals help validate the impulsive structure and offer clarity for position management. Traders should be alert for emerging patterns that may confirm the ongoing move or signal the start of gray wave 4.

As gray wave 3 unfolds, the market sets the stage for significant upside potential. The expected corrective wave 4 will follow, offering a retracement phase before continuation. This current segment is essential for capturing high-momentum trades within the Elliott Wave framework.

Technical Analyst: Malik Awais

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

Previous: Shanghai Composite Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

TASI-INDEX-Weekly-Ch...

Related

Grayscale Ethereum Trust ETF – ETHE U.S ETF Elliott Wave Technical Analysis Shows Bearish Wave (v) Setup Ahead

Grayscale Ethereum Trust ETF – ETHE U.S ETF Elliott Wave Technical Analysis Shows Bearish Wave (v) Setup Ahead

ETHE enters wave (iv) correction with a potential $5 drop ahead. Elliott Wave count remains valid be...

Read More >
 JPM Stocks Analysis: Understanding JP Morgan's (JPM) Market Dynamics through Elliott Wave Technical Analysis

JPM Stocks Analysis: Understanding JP Morgan's (JPM) Market Dynamics through Elliott Wave Technical Analysis

Dive into the dynamic world of JP Morgan Chase & Co. with a detailed Elliott Wave analysis that offe...

Read More >
WTI Elliott Wave Analysis Revealing Crude Oil Price Trends, Key Support Levels, Bearish Breakouts, and Technical Outlook

WTI Elliott Wave Analysis Revealing Crude Oil Price Trends, Key Support Levels, Bearish Breakouts, and Technical Outlook

This analysis delves into WTI crude oil price movements using Elliott Wave theory. It highlights the...

Read More >
Australian Dollar/U.S.Dollar (AUDUSD) Elliott Wave Technical Analysis 15 December 23

Australian Dollar/U.S.Dollar (AUDUSD) Elliott Wave Technical Analysis 15 December 23

AUDUSD Elliott Wave Analysis Trading Lounge Day Chart dated 15 December 23, provides a detailed anal...

Read More >
BNB Crypto Price News Today | BNBUSD Elliott Wave Technical Analysis & Binance Coin's Market Updates

BNB Crypto Price News Today | BNBUSD Elliott Wave Technical Analysis & Binance Coin's Market Updates

This article provides an in-depth Elliott Wave analysis for BNBUSD, offering insights into Binance C...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on