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KOSPI forecast for coming week ended 20th July, 2012.

Last week I was talking that if KOSPI drops below 1850 level then chance of triggering the bullish pattern is less but that not means it will be strictly following the reverse symmetrical triangle. Because that demands little more downside where as its yesterday’s close was better from its earlier days. Yet I want to wait couple of days more to make a decisive call. If we consider that this is the base in the downside for now then we may expect more moves in the upside in coming days, provided it breaks 1850 level convincingly. In the upside if KOSPI breaks 1900 level then it can trigger the bullish pattern which I was talking during last few weeks.
Last week I was talking about different options in the downside, now beside reverse symmetrical pattern it makes another short-term bearish pattern which can take it towards 1700 level but it needs some more time because there is a chance of making lower highs and lower lows.
KOSPI is in a vital position but as technical indicators are suggesting over-sold position and if it follows that then we should be closely watching 1850 level if KOSPI breaks that in early days then there is a good chance of up moves, otherwise bearish options will make their way.

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