Monday, July 13, 2009

Elliott Wave Count for STI Jul 13th

My Elliott Wave Chart for STI Jul 13th

My count since Sunday is that we are in minor C (blue arrows) of intermediate B (dark orange arrows) of Primary B. (Note: The EW count on the weekly chart is even more prominent)

Minor A has retraced nearly 23.6% of intermediate A, and minor B has retraced 61.8% of minor A.

As of now, minor C has commenced of which there should be 5 subwaves since C is a impulsive wave.

Let's zoom in to minor C.

In my opinion, minute iii of minor C has started, and could possibly bring us down to STI 2195.

In addition, we see an evening doji star (see http://candlesticker.com/Cs73.asp) on the daily chart and a descending triangle on the weekly chart for STI, further hinting us to more downsides ahead.

Although at the moment of post/analysis, Dow Jones is up by about 115, I wouldn't be surprised if STI follows my count on minute iii, and confirms the bearish candlestick pattern tomorrow.

*Disclaimer: Not an inducement to follow; it's just for entertainment value*

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