Safaricom.
Upper channel has been pierced in a 'throw - over'. Notice the upper wick of the last bullish candle and the fact the Safaricom did not close above the upper channel line. Circle wave y is also Fibonacci 100% equal to wave w. Gentlemen and ladies I expect Safaricom to now turn aggressively downward. A move to below 30.00 in the coming days will be confirmation that the reversal is at hand.

Targets for wave C of (2) are 16.50, 12.00 and 4.40.

KENYA POWER
Still scraping a bottom. A move Up in the coming months to above 35.00 expected. A preliminary move above 5.57 then 12.50 will be confirmation of this long term forecast.
ACCUMULATE.

EABL
Should fall further. especially if it does not rise above 184.00.

USDKES

Should weaken further to about 132.80 where wave C will be Fibonacci 1.618 times wave A.
Wave [ .iv ] at about 100.00 is support (we don't expect the pair to fall (KES strength) below 100.00 in the near term).

If we are right that the pair is falling (KES weakening and USD strengthening) in an Elliott Wave zigzag pattern (5 -3 - 5) then once wave C completes at about 132.80s we will expect a reversal to 30 (Yes, I said it!) in about 30 years time.

But also note the alternate scenario where the pair could be rising (KES weakening, USD strengthening) in an impulsive Elliott pattern. In that case A would be wave 1, B would be wave 2 and the target C would be wave 3. Then a correction (a three wave move) in wave 4 before a final rise above 132.00s in wave 5.

In the preferred Elliott count and the alternate the short term forecast is the same. We expect KES to weaken further to about 132.00s

Enjoy your coffee!

NB:


The impulsive Wave C channel shown here should be respected.