Taiwan Weighted Anticipated Happened

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 Taiwan Weighted daily chart anticipated on 7th April 2023


Taiwan Weighted daily chart happened on 26th May 2023


Analysis

In my previous update dated on 7th April 2023, I had mentioned that, "Taiwan Weighted is expected to test 16,400 levels from current levels over short term."

The index made a high of 16,400 levels after consolidating for almost a month and eventually achieving my level - Anticipated Happened

To red my previous article on Taiwan Weighted and how I forecasted the price movement, please click on the below link

https://www.marketanalysiswithmeghmody.com/2023/04/taiwan-weighted-elliott-wave-counts.html

Prices are moving in wave iii in which it is very clear that wave iii is extended. Currently prices are moving in wave iii which is 100% of wave i. As of now there is no reversal and wave iii can also go near to 161.8%, but if it reverses then there can be a sharp correction as wave ii was sideways (alteration). The index an retrace till 50-61.8% of wave iii to form wave iv which comes to 16,300-16,100 levels.

The summation is Taiwan Weighted is near crucial resistance, any sustainable move above 17,100 will continue the uptrend and the benchmark can reach till 18,000 levels. However, reversal from current levels will drag prices till 16,300-16,100 levels.

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