Wednesday, November 11, 2009

STI Updates -- Last stage of rally?

I certainly hope this is not the last stage of the rally... But... my wave counts seem to say so...

Yesterday's count was quite accurate. An update

Of mini waves:
Wave i: 2605.1 ~ 2676.95 (71.85)
Wave ii: 2676.95 ~ 2616.49 (60.46)
Wave iii: 2616.49 ~ 2726.9 (110.41, ~1.5 times of wave 1)
Wave iv: 2726.9 ~ 2697.89??? (29.41, slightly more than 23.6% of wave 3)
Wave v: ... a final 5th wave to reach 2755?

Notice that wave 1 took 17 days, wave 2 took 17 days. Wave 3 took 9 days, wave 4 took 11 days.
Wave 5 could possibly take between 9 to 11 days as well perhaps give and take few more days. Today is the 9th day... The first possible date could be 12th Nov, 11 days for wave 5... Let's see how... I was thinking how it seems impossible to reach first target 2755 so soon... But the last 3 days' price actions seems to go up very fast to help achieve it...

The A wave of Pri B should be ending soon, within a few trading days. If my wave counts are correct, we could probably see STI break 52-week high within the next few trading days, but that could probably be the last and final mini rally. If this count is correct, then the B wave could bring a correction of between 23.6% to 38.2%, which means a correction of between 300 to 500 points.

Point to note: If the final portion is 5 waves up, then this is not an ending diagonal of 3-3-3-3-3.
I will have to observe as it unfolds and learn from this. It's a great learning opportunity again!

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