Adam Smith Associates - Is Philippines going through crisis?

Philippines - PSE Composite, fell in 5 waves before the recent bounce. It was mostly a counter trend bounce in what is wave C of a bear market. This market remains a weak spot in Asia. The recent rally in wave 2 stopped at the 50% retracement mark and till we stay below it we may have already have started the next major wave lower. The big Picture below also shows a head and shoulders pattern Long term. Chances are that the next move lower will now break the neckline. For something this massive to happen Philippines must be going through some major crisis in the Asian region.

Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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