Wednesday, February 17, 2010

STI Updates -- Dojis

So many bulls running around these few days till I wanted to turn super bull with my opportunity funds. However a look at the STI chart still doesn't seem so good.

The past 2 trading days, we can see from the chart that STI has two dojis.

Clearly, the technical chart doesn't look too good for fresh bulls for the short term. For the mid term, however, STI could still reach 2843 at 61.8% retracement, or even 2850 to overshoot a little and close the gap made.

For this expected a (up) wave of ii (up) of 1 (down) of Pri 2 (down), I'm expecting it to end soon. Again, although I'm bearish, I still hope it is bullish as I have stocks not exited. :(

This is clearly an exciting time. I'm still testing out my theory of the GMMA together with my Primary Wave counts. But before I tested it out properly, ag88 of CNA forum observed the behaviour of the 200 EMA and 200 SMA together with how STI behaves. Perhaps I should buy the past 10 years data soon to take a closer look at how STI behaves with these interactions... Let's see how... I could get the data from Yahoo and put into GannAnalysts software for free...

Update: Typo at bottom of chart.... Should be overbought area, not oversold.

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