When a supposedly bullish formation breaks down, it's very bearish bias. Similarly, when a supposedly bearish formation breaks up, it's very bullish bias.
To me, the chart below is rather bearish if it's true... couple with my expected EW Primary 2 count, I have more reasons to be on the more bearish side.
The other secondary indicators are still indicating bearish to me as well. While my cash hoard has slowly grown to about 7.69%, I'm reluctant to enter to increase my annual dividends amount due to my bearish views.
Will have to see how STI pans out. Perhaps it will pop itself back into the handle of the cup, and breakout from there. I doubt it, so I shall stick to my bearish version and let my cash hoard increase slowly. We will know very soon whether this is a technical rebound or dead cat bounce in a few days time. Either way, my position is comfortable to me.
My take is that STI has done a B wave and now going for C. I did not see cup and handle.
ReplyDeleteHi Denzuko,
ReplyDeleteto me, it's a failure of a supposedly bullish formation, which signifies bearishness in the market. Personal view.
STI hasn't start a B wave in my opinion. In fact, my counts suggest that it is at a mini 4th wave, and it could likely be in a symmetrical triangle. Shall post more on this view tonight :)