Egypt EGX30: Elliott Wave Forecast

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EGX30 Weekly chart


From the above chart, prices are moving in a inverse ascending triangle and is all set to tumble down. This inverse triangle will not exceed 61.8% of its previous wave, which means that the previous wave was wave a and current ongoing wave is wave b and wave c is pending down. This wave c lower will complete wave iv of wave iii in a zigzag pattern.

One this zigzag pattern is over wave v of wave iii will start which can soar prices near till 190000 levels. As wave iii is extended one so all the internal waves will be similar to wave i and wave ii. In terms of wave iv of wave iii it can be 61.8-161.8% of wave a. However, 161.8% is unlikely as it will overlap wave i of wave iii so 61.% of wave a to wave b will end wave c and wave iv of wave iii around 110000.

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