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Egypt

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 :)
EGX:EGX30Short
by amourification
EGX30 | BRICS RoadMapEgypt Joins the BRICS New Development Bank the NDB finances infrastructure and sustainable development projects in areas such as energy, transportation, water, communications, and health. "Since 2016, the Bank has invested in multiple projects, including US$7.2 billion in India alone," RT reported, recalling that Egypt expressed an interest in becoming an NDB member in July. "BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro," it added. Currently, Egyptian President Al Sissi is in Saudi Arabia participating in the summit of Arab countries with China, the nation with the largest economy among the BRICS. Egyptian Finance Minister Mohamed Maait affirmed his country's enthusiasm for enhancing cooperation with international development partners, especially in light of the "unprecedented development movement" he is witnessing in Cairo. Previously, the Chinese Foreign Affairs Ministry has noted that Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also interested in joining the BRICS bloc.
EGX:EGX30Long
by ShoeIsRich