Thursday, July 16, 2009

Previous Elliott Wave Count WRONG!

Today's rise proved my wave counts totally wrong. Looking back, I failed to adhere strictly to the rules of EW counting. Fortunately, I only sold 1 single lot of capitaland in this short downturn, and hence my portfolio was relatively untouched.

I still have some possible scenarios where it could be bearish. The possible scenarios are
1) We are in Minor B sub wave c
2) We might see an expanded flat, with minor B retracing more than minor A at 2424, before minor C commences...
3) Minor B retrace 100% of minor A, then minor C... a flat...

However, a break up of the symmetrical triangle proved me wrong otherwise shows that it is likely more bullishness is to come.

With bullishness in mind, and on hindsight, I believe for STI, we have completed wave 4 of int A at 2211, and we are actually on the final wave 5 leg up, having finished first and 2nd subwaves... Today was the beginning of subwave 3... and this bullish scenario best fits the break up of the symmetrical triangle...

For now, it's too late at night to chart after I went to read up more on Elliott Wave. There's just so much more to learn.

No comments:

Post a Comment

Please Comment >>