REITS Index, Tadawul, Where we are from an Elliot Wave POV?
Hello All,
Tadawul declared that the Saudi Market requires more listed Reit Companies in Saudi Arabia
TRTI
, and they justify that there is a need and more demand from investors. It has been one year so far and we do not see such demand from an Elliot wave principle, which makes us produce two theories of Elliot Wave
1- We are facing a temporary trade-able ABC Correction up, then it will continue going down for a while.
2- It is the end of Wave 1 where it traced more than 100%, and we are in a long position for a new wave up.
Either ways, the indications that we see today is to go up and we recommend to go long. We are more in fav of the above first opinion, however, we need to see how this goes in the long RUN.
Go long.
Tadawul declared that the Saudi Market requires more listed Reit Companies in Saudi Arabia
TRTI
, and they justify that there is a need and more demand from investors. It has been one year so far and we do not see such demand from an Elliot wave principle, which makes us produce two theories of Elliot Wave 1- We are facing a temporary trade-able ABC Correction up, then it will continue going down for a while.
2- It is the end of Wave 1 where it traced more than 100%, and we are in a long position for a new wave up.
Either ways, the indications that we see today is to go up and we recommend to go long. We are more in fav of the above first opinion, however, we need to see how this goes in the long RUN.
Go long.
Comment:
We did not open any position yet, and we are expecting the bounce back soon.
Harbs
