Wednesday, August 19, 2009

STI update (Correction?)

Could STI be undergoing a complex correction as shown (zooming in on yesterday's chart):

This is in line with this:

which is a 3-3-3-3-3 correction.

Why I say so? Because, it appears that 3-3-3 have been observed so far.
This is just a hunch. It's interesting to watch how this will unfold further :)

For the descending triangle to remain valid, 2530 cannot be broken tomorrow.
We might see 2620 soon as resistance.

Pivot calculations for tomorrow:
Pivot 2557.01

R1 2581.3
S1 2543.43
R2 2594.88
S2 2519.14
R3 2619.17
S3 2505.56

Time to sleep. IPPT tomorrow.

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