Friday, October 9, 2009

STI (Hourly) Elliott Wave Practice

This is my attempt on counting waves on the hourly chart over 5 days using Yahoo's chart during lunch time. Chart is drawn on MS Word, so it's a little shoddy.

Looks like there's some further upside after lunch, before we see a A-B-C down and breaking the rising wedge being formed on the hourly.

Basic Elliott Wave Structure:

It does look like STI will go to around 2665, then move down to 2630 to form the A wave by Monday. If true, we will see STI peak later, then close lower by 5pm, forming a inverted V-shape today. Monday will see 2630 before a rebound to 2655 region, then another down, completing a head and shoulders.

Caveat emptor, this is just an experiment to test out Elliott Wave Fractal Theory. Of course, my counts might be wrong too.

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