Taiwan Weighted Index and Elliott Wave forecasting

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 Taiwan Weighted Index daily chart


Analysis

In my previous update I had mentioned for TWI, "Taiwan Weighted is near crucial resistance, any sustainable move above 17,100 will continue the uptrend and the benchmark can reach till 18,000 levels. However, reversal from current levels will drag prices till 16,300-16,100 levels."

The index crossed 17100 and from there it slumped towards 16400 levels but again it closed above 17100 levels thereby opening positive possibilities for the index to reach now towards 18000 and beyond.

To read my previous article on TWI, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/06/taiwan-weighted-anticipated-happened.html

As seen in the above chart, prices are in the last leg of the 3rd wave which is wave v and can go till 17600-17700 levels from there, there can be wave 4 which will mainly remain sideways as wave 2 was steeper (alteration) and then eventually wave 5 will start which can go above 18000 levels.

The summation is, for short term Taiwan Index can test the level of 17600-17700 levels and over medium term it can reach till 18000-18500 price range.

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