NEW WAVE... NEW BREAKOUT...

The NSE did an amazing leap of 592.56 points today to closing above 25,000 points.

The news of an Imminent public disclosure of the M&A bids on the CBN-managed banks and expected purchase of their toxic assets by AMCON in a couple of weeks that triggered the BREAKOUT, thus signalling that "A New Bull rally has started''.

Technically,

My earlier report, has confirmed that interesting pattern we have been waiting for. "Inverted Head & Shoulder Pattern". The NSE ASI has broken above its neck line of its 200 Day Moving Average of 24,600 points, A likely target point for this current rally will be around 25,900-26,000 points. (head-22,400-neckline-24,288=1,888. Target price is 1,888+24,288=26,176 points range).

New wave.

Studying the Nse Asi charts, Elliott Wave Theory has played a significant role interpreting market actions in terms of recurrent price structures obedient to the Fibonacci sequence. Basically, Market cycles are composed of two major types of Wave : Impulse Wave and Corrective Wave. For every impulse wave, it can be sub-divided into 5 - wave structure (1-2-3-4-5), while for corrective wave, it can be sub-divided into 3 - wave structures (a-b-c).......

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