As my guide, i have been following wave counts also, and so far, based on the charts, seems that minor wave 5 (intermediate wave 1) is near to end or might have ended already last Friday. It was extended already by 1 week from my last weeks projected short term peak. Which means around 4 weeks of correction ( formation of intermediate wave 2). Which im really waiting for before re-entering the market.
Looks a clear cut and warning to me, but lets see in the next week's Global movement when we will see our Equity in the next couple of weeks.
PSE market failed to breakout of its formed inverse head and shoulder pattern. Tho we failed and had a 5% instant downward after the failure of HnS pattern. We are consolidating and expecting to trade the range of 3900-4000 to its 4235 resistance.
The Pink lines are the medium term uptrend support, which leaves our market overall in an uptrend phase.
Overall, im still bullish with the PSE market, but with my biased waiting for correction strategy in the U.S., leaves me wanting to sell more than to BUY in these recent dips last week.
Holdings:
Dollar funds (Short term)
- 100% Cash
Peso funds (short term)
-25% cash and trading the range
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