$PSEi 10,000. The first time I heard this from master traders, I was really so skeptical. Didn't they predict in April 2015 that PSEi will reach 10,000? What happened after that prediction? Didn't PSEi lose 2,100 points after 9 months in January 2016? And again, didn't the masters repeat such message in July 2016? What happened after that? PSEi lost 1,600 points after 6 months in December last year.
Why am I now repeating such "mantra"?
My study of Austrian economics made me see the shaky foundation of the monetary system of the world, which is the root cause of the deepening deterioration of global economy. This is a belief I think that all Austrian economists share. They got such insight from the Austrian Business Cycle theory. As a result of such influence, I was a convinced bear. Such trading stance made me cautious in the way I buy and sell securities in the stock market.
However, stumbling with Elliott Wave Principle made me change my mind. After studying the first six lessons of Elliott Wave Principle I became a convinced bull as I relate EWP insights to the current market status of PSE. This does not mean that I ignore the fundamental economic reality provided by the Austrian school. This does mean however, that as far as technical analysis of PSEi is concern, and in this particular case of Elliott Wave Principle, PSEI still has one more cycle wave to finish before the dreaded correction will take place.
This chart shows that Wave C correction was finished last December...
To understand the context of the above chart, we need to look at it in its longer historical time frame. This chart covers the period from 1986 up to the present...
And then I made a parallel channel connecting 3 reference points by making a line to connect the peak of Waves 1 and 3 and drew a parallel line touching the low of Wave 2.
That's where I got this idea of PSEi 10,000...
Why am I now repeating such "mantra"?
My study of Austrian economics made me see the shaky foundation of the monetary system of the world, which is the root cause of the deepening deterioration of global economy. This is a belief I think that all Austrian economists share. They got such insight from the Austrian Business Cycle theory. As a result of such influence, I was a convinced bear. Such trading stance made me cautious in the way I buy and sell securities in the stock market.
However, stumbling with Elliott Wave Principle made me change my mind. After studying the first six lessons of Elliott Wave Principle I became a convinced bull as I relate EWP insights to the current market status of PSE. This does not mean that I ignore the fundamental economic reality provided by the Austrian school. This does mean however, that as far as technical analysis of PSEi is concern, and in this particular case of Elliott Wave Principle, PSEI still has one more cycle wave to finish before the dreaded correction will take place.
This chart shows that Wave C correction was finished last December...
To understand the context of the above chart, we need to look at it in its longer historical time frame. This chart covers the period from 1986 up to the present...
And then I made a parallel channel connecting 3 reference points by making a line to connect the peak of Waves 1 and 3 and drew a parallel line touching the low of Wave 2.
That's where I got this idea of PSEi 10,000...
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