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Seasonality, Fibonacci, Pattern & Momentum Sugest a Reverse in EGX30 around 8730

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Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:39 

In this topic I will show you why Egyptian EGX30 have a strong resistance around 8730.


So lets begin with Monthly Seasonality Pattern which say that EGX30 on average make a peak at September then fall trough October then a trough at November then begin an upside move in December.


  So October is not a favorite month for upside movements according to EX30 Seasonal pattern.

Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:42  

According to EGX30 monthly graph 8730 is Phi (0.618) from the highest high EGX30 ever reached till next low.


Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:44  

According to EGX30 monthly graph October 2016 is a time reversal point if we calculated Fibonacci Time Zones from 2015 peak until now.


Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:48  

According to EGX30 weekly graph 8735 is 0.707 ( = 1 / square root[2] ) from the highest point in 2015 until the lowest point in 2016.


Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:51  

According to EGX30 daily graph 8712 is 1.618 extension of April - June declining wave.


Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:53  

According to EGX30 daily graph 8733 is 1.414 ( = square root[2] ) extension of August - September declining wave.


Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.10.17 07:55  

EGX30 is moving inside a Wedge.

There is a divergence between price candles and most momentum oscillators like Money Flow Index.


Muhammad Elbermawi
3065
Muhammad Elbermawi 2016.11.17 20:25  

Well it seems that EGX30 moved against technical clues. 8730 was a Price reversal Zone and EGX30 gaped it to the outside and didn't reverse.


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