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ALSI Analysis | 20 November 2017

November 20, 2017

Hi Traders.

 

I hope you all had a good weekend.

 

The ALSI took a bit of a breather last week from it's upward momentum and had almost an entire week of downward movement.

 

As predicted, it found support at the 53 950 and bounced up nicely. (Image 1)

 

An ABC pattern seems to have emerged with the upswing of the previous week and the retracement of last week. If you use the ABC pattern tool on ProTrader plotting from the bottom of the swing on the second of November to the top on the seventh of November, you will see that it bounced perfectly off of the 61,8% Fibonacci level (bottom line @ 53 854).

 

This means that the target for this move will most likely be at the 161,8% Fibonacci level (top line @ 5