Taiwan

Below is the daily chart of Taiwan index. It has broken out from a long consolidation. The weekly rohits momentum completed its pullback cycle when Taiwan index went through a consolidation phase. This indicates that a fresh impulse move has started. As per wave counts, wave III of fresh impulse move is possibly unfolding. At 19516, Wave I and III will be equal. Since wave III is generally 161.8% of wave I, the up move in Taiwan index can stretch higher to 21165 as well. On the way down, 20DMA and 40DEMA, currently pegged at 17880 and 17119 respectively, will be key support levels to watch out for in the forthcoming trading sessions.