The South African top 40 index is the latest global index to have been spotted trying to begin a major up move in the next leg of the bull phase.
The Index was in a corrective structure all of 2023 until the very recent Nov low. This entire corrective structure according to the Elliot wave theory was what we simply call a "wave 2 correction".
The first leg of this phase (wave 1 according to Elliot wave model) occurred in Sep. 2022 and went on till Jan. 2023.
The next projected target for wave 3 for this index should be the 80-85K(ZAR) mark(an up move of approx. 25% from current levels.)
Note*- This post is for educational purpose only
The Index was in a corrective structure all of 2023 until the very recent Nov low. This entire corrective structure according to the Elliot wave theory was what we simply call a "wave 2 correction".
The first leg of this phase (wave 1 according to Elliot wave model) occurred in Sep. 2022 and went on till Jan. 2023.
The next projected target for wave 3 for this index should be the 80-85K(ZAR) mark(an up move of approx. 25% from current levels.)
Note*- This post is for educational purpose only