Our Index is not looking good right now. Although there is a possibility to retest its previous resistance at 4520, the big probability is it will correct or drop towards the upper RED line of the broadening pattern, or to the Blue colored trendline in the next couple of days. Take note also that the index is forming a rising wedge pattern. This is a bearish corrective pattern. For now, I don't recommend buying or adding more shares to our stock yet.
Figure 2. Elliot Wave of our Index
I am not an elliot wave expert and I may be wrong here. But I think I am seeing a possible corrective patterns developing right now. The divergence on my RSI indicator corresponds to wave 3 and wave 5.
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