Monday, September 7, 2009

My Updated Count for STI

After many confusions, and after learning more, I have decided to go in and count the sub-waves. This is my more in-depth count for STI, after having spent most of my afternoon today counting and thinking and researching.

I'm of the opinion now that for Straits Times Index, we could be likely be in a 3-3-5 expanded flat correction, or as dotz from CNA forum puts it, an elongated flat correction.

The charts are as follows (more will be added later):

Nov 08 ~ Jan 09 : Wave A

Jan 09 ~ Mar 09 : Wave B

Mar 09 ~ Sep 09 : Wave C

As I learn more about the secrets of Elliott Wave, it appears that my earlier counts were wrong wrong wrong :(

It appears now that this correction wave started from Nov 08 in a 3-3-5 correction. The only thing left to verify is whether this is wave 4 of Pri A, or is it already Pri B.

From the most recent price action on 7th Sep, there seems to be more chance that the 3rd wave of minor 5 of int C of Pri B is beginning. Let's say it's 1.618 times of wave 1, then we would see 2794 ~ 2800 for STI. Only thing is... It doesn't seem very probable at the moment...

Shall see how the waves unfold as the week goes.

Update: I just saw Elliott Wave International's Free April Report. It appears that their correction wave started in Mar 09 instead of Nov 08 as my above count. Theirs is in the log scale.

Shall look more into it soon.

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