So far so good. All as expected...
Upon zooming in closer to my daily chart, a few more things were noticed. First was the fact that STI remained in my channels, which probably shows I'm still on the right track.
Interesting thing to note. I counted a 5 waves structure starting after the breakup of the symmetrical triangle (which constitute a complex correction wave) on 15th July 2009. I have plotted my expected subwaves on the chart using fibonacci retracement if you observe carefully.
My count is
subwave 1: 2319~2485 (166 points)
subwave 2: 2485 ~ 2443 (~23.6% retracement in 1 day on chart)
subwave 3: 2443 ~ 2642 (199 points)
subwave 4: 2642 ~ 2567 (~38.2% retracement in 1 day on chart)
subwave 5: 2567 ~ ???
I still expect this 5th wave to terminate within the region 2684 to 2709, giving us another 117 ~ 142 points rise... Sounds logical right?
Shall see how it goes... What I'm unsure of yet is which major wave this is part of...
Also from chart, we can see that STI is being "squeezed" by the mid term upchannel resistance and the short term upchannel support.
Expected trading range for STI tomorrow is 2610 ~ 2665.
Shall keep money in my defensive dividend stocks, and probably start moving funds out of my remaining pennies which are in red :(