Saturday, October 3, 2009

STI Updates -- More Bull to come?

Today's price action sort of neutralised my more bullish wave counts. The ascending triangle has broken downwards along with the declining volume. This is quite a bearish signal. Taking a leaf from afraidtotrade.com for crude oil which was kindly posted by Dust in CNA forum:

It appears that it's either wave 1 downwards already, or it's still possible that it's merely an expanded flat correction now, and a final wave up is in the works.

Below is yet another possible Elliott Wave count.

Zooming in to the C wave:

It does look possible that a flat or expanded flat correction could be occurring. If that's the case, we would revisit 2522 again before a rebound that brings us past 2707.

Time to observe and learn. Meanwhile, I will be slowly growing my cash via other means.

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