Technical analyst Malik Awais has conducted an Elliott Wave analysis on the TASI Index, focusing on both the daily and weekly charts. The daily chart indicates a bullish trend with an impulsive mode, showcasing strong upward momentum. The ongoing wave structure is identified as Gray Wave 3 within Orange Wave 3, signaling a larger degree upward trend. The completion of Gray Wave 2 suggests the end of a corrective phase, with Gray Wave 3 now unfolding with increased momentum and price appreciation.
On the weekly chart, the TASI Index continues to exhibit a bullish trend with an impulsive mode, indicating a sustained upward movement. The current wave structure is classified as Orange Wave 3 within Navy Blue Wave 3, suggesting further bullish advancement. The completion of Orange Wave 2 marks the end of a corrective phase, with Orange Wave 3 now in progress, expected to drive the market to potential new highs before any significant correction occurs.
Malik Awais emphasizes the importance of monitoring the invalidation level at 11756.730 in both the daily and weekly charts. A drop below this critical threshold could invalidate the current wave count and hint at a possible shift in market dynamics. As long as the price remains above this level, the bullish outlook is expected to continue, supporting the ongoing upward movement of the TASI Index.
In conclusion, the TASI Index is experiencing a strong bullish trend, driven by the unfolding of Gray Wave 3 within Orange Wave 3 on the daily chart, and Orange Wave 3 within Navy Blue Wave 3 on the weekly chart. The completion of corrective phases on both charts suggests a resumption of upward momentum, with potential for further price appreciation. Traders and analysts should keep a close watch on the invalidation level at 11756.730 to gauge the integrity of the current Elliott Wave structure and anticipate any potential shifts in market direction.
