PSEi seems to be on pullback before hitting 8K again.
Longer time-frame shows that the index is still intact. As of 30 April 2015, price action is headed for short term correction which is healthy correction on uptrend.
PSEi as of 30 April 2015 closed at 7714.82. As of this date, short term trend is now bearish as shown in a daily chart as indicated by ichimoku elements but reverse is highly probable since the downtrend is not strong as per ADX. Range trade is also possible. Based on existing trend, it is still safe as long as support located at 38.2% fibonacci retracement at 7656 or retest of support on February 27, 2015 low at 7671 will hold. There is also another support at 50% fibo at 7508 if this will breakdown.
The chart below was drawn sometime in February 2014 when I wrote the article Where is the PSE Index Heading
If this is valid, are we still on wave 5?
Please note that weekly chart is still bullish. Range trade is also possible between resistance at 7862 and resistance-turned support at 7413 before hitting 8K again 🙂
As of this writing, DJIA is above 100 points up.