SET - long-term positive trendSET index has finished a corrective 3-wave intermediate pattern that retraced around 50% and reached the fourth wave level of two lower degrees, which is a typical end of corrections. It is now finishing to trace intermediate wave 1 or A. We may see a smaller correction that should end at 1,200 - 1,250 range before the uptrend continues. FOLLOW SKYLINEPRO TO GET UPDATES.
SET trade ideas
My future thoughts of where SET is headingWe are currently in a bearish wedge, which normally is followed by a run down south. Although, the times it occurs in the opposite direction it is often a very strong and powerful run up north.
I am bearish, due to the fact of the wedge and the falling resistance, from July 2019. And also that we have consolidated for about a month, by the "covid-panic-island" and the resistance will be by the Evening Star, with two strong gaps, I have hard time seeing that SET will have the power to move much further up north, away from that area.
I have to say; these are interesting times.
Chaloke short-term projectionCurrently, SET is in wave-A that should bottom out around 900-950 point. For wave-C, it should form a bit higher than wave-A and it should form higher than wave 1.
However, it also has a small possibility to break this zone. It means it might go down to the last 2008 crisis low (around 400).
youtu.be