OMAN MSM30 Elliott Wave Forecast

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MSM30 Weekly chart


MSM30 is an index of OMAN and is all set to soar in coming weeks. This index is now positively poised and can move up dynamically after a bearish trend line break. At this juncture, prices are above the trend line even after the throwback. This means that a dip in price is also a buying opportunity. RSI on weekly chart has exhibited positive divergence which means that negative momentum is cooing off.

As per wave theory, prices have completed wave C in a five wave structure (i-ii-iii-iv-v) which means now there are high chances that prices will reverse. For short term I am expecting 4400 for this index to reach. Overall for long term perspective, prices can move up and start new leg after (a-b-c) pattern of wave 2 at one higher degree is done.

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