Tuesday, August 4, 2009

Asian Stock Bear Market Rally Ending Soon?

Have you read the latest Elliott Wave International's Asian Pacific Financial Forecast?

On August 3 2009, Bloomberg reported on the EWI APFF's analysis for MSCI Asia-Pacific index citing the lack of technical strength and unfavorable readings in volume and momentum that suggest the bear-market rally in Asian markets might be ending soon.

"MSCI Asia-Pacific Index has climbed in five waves from lows in March, indicating that the rebound is only the first leg of a larger “bear-market rally.” The index’s peak volume and momentum in the smaller wave that started mid-July was lower than that of an earlier advance, another indication that prices may “correct”.

"MSCI Index has been gaining in the past three weeks under the so-called trend channel that contained most of the advance since March. The index reached the 50 percent Fibonacci retracement of the decline between 2007 and 2009 at the 110 level. Further gains mean the index could peak near 123, the 61.8 percent Fibonacci retracement level.”

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