An Elliot Wave Analysis of our PSE Index

Figure 1. Weekly Chart of PSE Index

Made some Elliot wave analysis of our PSE index as requested by a friend, "Krye".

Looking at my chart I think the current market is at wave 4. The corrective wave target will be around  3790 to 3600. The projected time for this correction to end is estimated to be this month for the 3790 corrective wave target. While the 3600 corrective wave target is expected to end around May of this year.

Figure 2: PSE Index Daily Chart

Looking at the daily chart, I am seeing a possible 3-3-5 corrective wave pattern. Due this pattern I am expecting the market correction to be almost over, and the start of the next wave (wave 5) which is an upward move in price.

Note: This are just my market opinions and I may be wrong here. (Caveat)