Thursday, January 28, 2010

STI Chart

Basic channeling... Busy, so shall just give a quick chart:

Basically, STI closed exactly on the support line yesterday. Possibly the end of wave 1? Rebound should be coming anytime soon, based primarily on wave counts...

Only with the end of wave 1 can a fibonnaci estimate of wave 2 be given...

There are 2 cases in my mind.

Case 1: Bearish scenario (wave 4 no longer an ascending triangle)
STI will rise up in a wave 2... Rebound time... But we will not exceed previous high.

Case 2: Mid term bullish scenario (wave 4 is still an ascending triangle)
Wave 5 might have started at 2605, and we are in an expanding diagonal. We will see 2947 broken.

I'm leaning more towards the Case 1 Bearish Scenario.

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