Friday, January 22, 2010

STI Updates

A clear A-B-C waves down to perhaps complete wave 4 of the larger degree? The strength and breadth and magnitude does not equate to a subwave of the 3rd wave.

The ding-dong between 1-2-3-4-5 now occurs within a proper channel instead of a rising wedge. At the moment, STI sits nicely on the parallel support of 2850.

Could tomorrow be the turn for rebound? Or could my counts be wrong and STI moves much much lower? :(

My main question now is whether it is a failed 5th wave and we are on wave iii downwards, or if we are still in wave iv correction. If it is the former, i.e. the failed 5th wave scenario, I guess we can already say sayonara to our market.

It's getting dangerous... Not a time to enter for long term investments...

Anyway... here comes rebound time....?

Extra Update:
2800 support appears to have held... Recount of waves might be required as wave 4 as crossed into wave 1 territory.

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