The Long Investor

$INDA - SAFE HAVEN POTENTIAL -

Added 2023-12-02 12:45:27 +0000 UTC

$INDA is an ETF that tracks the India Index.

Alex Kim brought this to my attention and I like his thinking as we look at charts to prepare us for a potential US market downturn in the new year.

So looking at other markets outside of the US is a smart strategy, especially those in different economic cycles and stages of growth.

India has been attracting a lot of Foreign Direct Investment as Multinationals look for other countries around the world that offer cheap labour but highly educated and skilled workforce, India's resources seem to meet this criteria, they also have an open economy and a leader who is actively seeking open direct investments.

$AMZN have also committed to growing in India too, they are also on track to have the highest population in the world over the next few years.

The chart is showing an impulse wave here too and we can see on the weekly chart that the price held support on the 200 Day MA in early 2023 and has bounced all year.

I also like how Wave 4 pulled back to the 0.38 Fib too which is also the standard Wave 4 pull back level and bounced.

Wave 5 could continue as high as $58 over the next 9 months.