,WE HAVE MORE THAN ARGUMENT THAT THE EGX 70 EWI HAS COMPLETED THE FIVE WAVES UP RALLY, AND CORRECTION HAS BEEN TAKING PLACE
FROM EWP PERSPECTIVE, THE LAST WAVE WAS UNABLE TO REACH THE UPPER TRENDLINE OF THE UP CHANNEL,(THE FIFTH WAVE) , A DECISIVE BREAK IN THE RISING CHANNEL , AND THE IMPULSIVE NATURE OF THE DECLINE SUGGEST THAT A MAJOR TOP IS IN PLACE , FINALLY THE CLASSIC NEGATIVE DIVERGENCE ON THE MACD CONFIRMED THIS COUNT A LONG THE WAY ( DIVERGENCE OFTEN OCCURES BETWEEN THE THIRD AND THE FIFTH WAVE IN ACTIONARY WAVES)
SO ,MORE LIKELY EGX 70 EWI IS CORRECTING WAVE 2, THAT MAY TAKE PRICES INTO DEEP CORRECTION THAT TEND TO MORE OFTEN TO RETRACE 50% OR 61.8% OF THE REVIOUS WAVE (FROM MARCH LOWS TO RECENT HIGH AT 2472)
I DO THINK IN THE COMING DAYS , EGX70 WILL PULLBAC(PROBABLY AFTER PRICE TOUCH 1760) IN A CORRECTIVE MOVE TO HIT 2000-2250 RANGE, BEFORE RESUMING THE DOWNTREND TO REACH THE 1450-1650 ZONE
