test4

Thursday, August 6, 2009

Has STI started its reversal downwards?

I have certain reasons to believe so, even though I punted on UOB yesterday.

Base on Elliott Wave Theory, I have a nagging feeling that we are already in wave 1 downwards... I'm seriously seriously scared.... The main reason is because of the 61.8% fibo fan pointing down at us... 61.8% is a very significant fibo number... If STI can break this fibo fan line, then the next upsurge will be huge... possibly breaking 2745 to achieve near 29xx....

Let's see my previous charts from 20th July

http://2.bp.blogspot.com/_MpWUhDNsH98/Sm8a4_dlLUI/AAAAAAAAApE/NnXojF0NEIg/s1600-h/2009Jul-Straits+Times-800x1025--jul28th-2.png

We hit the first shaded blue circle. will we hit once more at the 2nd blue circle?
Note that exactly at 2nd blue circle, there's one more trendline.

Our 100 week downtrend channel also coincides at 2nd blue circle:
http://4.bp.blogspot.com/_MpWUhDNsH98/SnXGyQHPYcI/AAAAAAAAAp8/hmHlHS67UJk/s1600-h/2009Jul-Straits+Times-800x1025-1.png


It could be already be wave 1 down now.

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