Thursday, January 14, 2010

STI Updates -- Rising wedge still remains

The expected retracement came quite quickly.

As of now, STI is approaching the support of the rising wedge. A possible scenario is that it will reach and bounce off this support line for the final actionary minor wave 5 of 5.

Moving on, supposed we are still in a bull, I expect resistances to build up around 2968 61.8% retracement level, and 3000 psychological resistance level. The probability of breaking these values is unknown at the moment. My take is that 3000 will present as an extremely tough resistance to break...

If 3000 does break, then I would have to change my wave counts to my alternate counts...

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