PSE Index Chart Analysis for the Week (April 29 to May 5, 2012)

Figure 1: PSE Index Chart

I am expecting the index to continue consolidating early in the week. Hopefully the support around 5120-5150 will hold. The bearish AB=CD pattern is still there until the 5267 is broken. Positive thing, momentum is strongly bias upward which increases the probability that the support will hold and the index to continue moving upward.