What's happening to Egypt?

We ranked the MENA performance before Egypt was in the news and for the last 12 months Egypt CCSI was one of the worst performing markets of the region.
For us at Orpheus markets tend to make solid bottoms under extreme negative news and this is what seems to be happening in Egypt, worst news is taking the markets lower into a multiyear bottom.
News also has a tendency to time itself just like prices. We have illustrated the price curve illustrating the order in prices. There are extreme outperformers and underperformers at the same time and this curved order can be seen across asset classes and across time, a similar exponential curve (positive and negative). Now that Egypt is at the lower end of the curve, a reversal should not be far away.
CCSI Egypt is already down 61.8% from its top and another 15% lower takes it to 78.6% retracements from the top. Timing a bottom is tough but RSI momentums are non confirming for a few months now. Sub 1,285 historical lows prices could move down till 1,000. At this stage we expect 1,285 to hold. We will review if 1,285 breaks.