Dubai financial market general index elliott wave update

The following pictures are from my previous post on this stock index. The market has behaved precisely as expected. Please view the previous post here : http://competent-trades.blogspot.com/2013/05/dubai-financial-market-elliott-wave.html

Here in another picture showing you how things turned out and what is expected to come:

The market rallied precisely as anticipated and has formed/ is forming a (3)rd wave higher the upcoming correction shall take this stock index lower in the intermediate term. The upcoming pull back will most likely take the market down to 2300 AED. I say 2300 because thats where the wave 4 of smaller degree has terminated. The terminus of the wave 4 of smaller degree is typically where the the wave (4) of larger degree ends. From a pattern perspective it seems evident that the upcoming correction shall form into a flat/triangle due to the guideline of alternation. wave (2) was a sharp zigzag correction which indicates a sideways movement for the wave (4) pull back. So I would suggest to take profits in this market now as things could get pretty choppy real soon. On a time scale sideways corrections usually take time so I'm projecting a multi month sideways to down market. As the correction completes, this market will present an opportunity to ride wave (5) to new multi year highs, but THAT will be the last of it and a significant correction shall occur correcting the entire move from january 2012.

Regards,

Ahmed Farghaly