Monday, November 9, 2009

STI Updates

An interesting on chart, yet boring day on Friday. Straits Times Index was trapped within the 20 MA and 50 MA.

It does look as if that STI has touched support in this post here, and might follow the green target to my eventual target of 2755 (updated from 2790) 15 years resistance line. If this plays out, I will have to reconsider my wave options. The symmetrical triangle was also invalidated because there was no significant increase in volume traded.

However, we still have not broken past the wave (i) of the previous post
There's thus a chance for STI to follow the red arrow down.

It's a sideways market at the moment, with perhaps a very mild uptrend. Let's see how the next week goes.

Meanwhile, I would have to read up more on possible types of 4th and 5th waves as I'm rather confused how it would play out. The waves look similar to a 3-3-3-3-3 ending diagonal, yet there's no rising wedge observed at the moment. I wonder if this is possible.

Will update as I read up more.

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