Monday, July 26, 2010

STI Technical Analysis 23rd Jul 2010

This is an update to the wave count done on 6th Jul 2010

Apparently, I made the mistake of adapting the count to my expectations when I should have followed my timelines.

It appears that STI has completed it's intermediate 4th wave at 2648 on the 25th May 2010.
It remains if STI can break the previous high of 3037 for this high to confirm.

This is the chart of the updated count:

More bullish days? I'm not sure. Let's see how. The H&S pattern appears to have been broken. As mentioned earlier, when a pattern is so obvious, it would more often than not, NOT play out. It appears that the minor 3rd of this intermediate 5th wave is playing out now. Primary 1 has perhaps not ended.

Supposed my count is correct, we have intermediate 1 = 1947.3 - 1455.47 = 491.83
Supposed intermediate 5 = intermediate 1 since intermediate 3 is extended, we will have a final target of
2648.15 + 491.83 = 3139.98

This is a theoretical estimation, based solely on Elliott Waves counting. I'm not very proficient in this, so please check with your own system.

I will revisit my count if it is violated.

No comments:

Post a Comment

Please Comment >>