A Painful Q2 for EGX?We had quite an impulsive run on EGX30 since summer 2022 with more than 105% gain however, nothing lasts forever :(
We're due for a correction!!
In the light of my elliot wave count, we should anticipate wave 4 to correct anywhere between 11 - 30%. I personally expect a 24% correction to meet the golden ratio (0.618 feb) for the retracement, with an invalidation below 12700.
Generally, wave 4 is where everyone gets frustrated and we can easily see this happening with the current overall sentiment in Egypt hitting seriously low levels while inflation skyrockets and fears of further devaluation of the EGP builds up.
This won't last long however. If my forecasts were correct, we should be over by May or June, and those who kept their patience and built positions during the correction will profit without a doubt.
Let's see where we will go :)
