PSE Index Chart Analysis for the Week(June 3 to 9, 2012)

Figure 1: PSE Index Chart

Last week our index tried to push itself higher and was able to finally hit the minimum pullback target that I was expecting (refer to previous index chart analysis). Now that the index is finally at the overbought area, I am expecting some correction which will be the start of the C leg of the possible A-B-C correction. Key target to watch for the coming correction are either the previous support area (TP1), the 100% fib projection / 200 MA line (TP2), and the 161.8% fib projection (TP3).