Taiwan Weighted Elliott Wave Counts

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 Taiwan Weighted Daily chart


Analysis

From the above chart, prices which were moving in a falling channel has started moving higher by forming higher highs and higher lows. Along with that, the index ahs also formed an inverse head and shoulder pattern which has given a bullish breakout thereby opening positive possibilities. The target of the pattern comes to 17,800 levels. Currently prices are trading at crucial support level of the rising channel.

As per Wave theory, the index is moving in either impulse or corrective fashion. The current characteristic feels like the third wave is extended and wave i and wave ii of the iii is over and wave iii on the higher side is unfolding.

The summation is Taiwan Weighted is expected to test 16,400 levels from current levels over short term.

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