Today's rise proved my wave counts totally wrong. Looking back, I failed to adhere strictly to the rules of EW counting. Fortunately, I only sold 1 single lot of capitaland in this short downturn, and hence my portfolio was relatively untouched.
I still have some possible scenarios where it could be bearish. The possible scenarios are
1) We are in Minor B sub wave c
2) We might see an expanded flat, with minor B retracing more than minor A at 2424, before minor C commences...
3) Minor B retrace 100% of minor A, then minor C... a flat...
However, a break up of the symmetrical triangle proved me wrong otherwise shows that it is likely more bullishness is to come.
With bullishness in mind, and on hindsight, I believe for STI, we have completed wave 4 of int A at 2211, and we are actually on the final wave 5 leg up, having finished first and 2nd subwaves... Today was the beginning of subwave 3... and this bullish scenario best fits the break up of the symmetrical triangle...
For now, it's too late at night to chart after I went to read up more on Elliott Wave. There's just so much more to learn.
Stocks, Personal Finance, Personal Development,
Wealth, Income, Trading, Investing, Business
test4
Thursday, July 16, 2009
Wednesday, July 15, 2009
Elliott Wave count update for previous day STI post
With today's rise, it appears that my minute wave counts were wrong. Well, I still have lots to learn :D
Having discussed with more experienced people at CNA Market Talk forum, I conclude that we are indeed still in minute ii.
Minute iii of Minor C should, however, start very soon.
Will need to meditate more on this though. However, in the short term, I shall remain bearish till Mr. Market prove my minor counts wrong.
Having discussed with more experienced people at CNA Market Talk forum, I conclude that we are indeed still in minute ii.
Minute iii of Minor C should, however, start very soon.
Will need to meditate more on this though. However, in the short term, I shall remain bearish till Mr. Market prove my minor counts wrong.
Monday, July 13, 2009
Elliott Wave Count for STI Jul 13th
My Elliott Wave Chart for STI Jul 13th
My count since Sunday is that we are in minor C (blue arrows) of intermediate B (dark orange arrows) of Primary B. (Note: The EW count on the weekly chart is even more prominent)
Minor A has retraced nearly 23.6% of intermediate A, and minor B has retraced 61.8% of minor A.
As of now, minor C has commenced of which there should be 5 subwaves since C is a impulsive wave.
Let's zoom in to minor C.
In my opinion, minute iii of minor C has started, and could possibly bring us down to STI 2195.
In addition, we see an evening doji star (see http://candlesticker.com/Cs73.asp) on the daily chart and a descending triangle on the weekly chart for STI, further hinting us to more downsides ahead.
Although at the moment of post/analysis, Dow Jones is up by about 115, I wouldn't be surprised if STI follows my count on minute iii, and confirms the bearish candlestick pattern tomorrow.
*Disclaimer: Not an inducement to follow; it's just for entertainment value*
My count since Sunday is that we are in minor C (blue arrows) of intermediate B (dark orange arrows) of Primary B. (Note: The EW count on the weekly chart is even more prominent)
Minor A has retraced nearly 23.6% of intermediate A, and minor B has retraced 61.8% of minor A.
As of now, minor C has commenced of which there should be 5 subwaves since C is a impulsive wave.
Let's zoom in to minor C.
In my opinion, minute iii of minor C has started, and could possibly bring us down to STI 2195.
In addition, we see an evening doji star (see http://candlesticker.com/Cs73.asp) on the daily chart and a descending triangle on the weekly chart for STI, further hinting us to more downsides ahead.
Although at the moment of post/analysis, Dow Jones is up by about 115, I wouldn't be surprised if STI follows my count on minute iii, and confirms the bearish candlestick pattern tomorrow.
*Disclaimer: Not an inducement to follow; it's just for entertainment value*
Thursday, July 9, 2009
TA & FA
A long time since I have written into this blog. Many of my ideas has changed since the last posting. I shall summarize mainly in points instead of writing one whole long paragraph.
1) I have found renewed interest in Technical Analysis. :)
Basically, before my renewed interest, I thought all there was to TA was just looking at indicators, candlesticks, and finding patterns. Then thanks to Market Talk at CNA forum, I'm impressed by the vast knowledge of the forumers in charting channels, doing Fibonacci analysis, and best of all, applying the Elliott Wave Principle. It really opened my eyes to a new world in TA such that I begun re-reading up and hungrily searching for data on Elliott Wave counts!
In addition, I have learned a lot from many kind forumers at Market Talk CNA forum.
2) I have done a little bit of short term trades along with buying more blue chips. In addition, I have offloaded Darco when a certain financial institution did a classic pump and dump (in TA). My portfolio is rather different from the last time I posted it. Will do an update soon.
3) I have finally realised that one of the most effective ways to earn is to couple TA together with FA. TA is useful in helping to identify a good time to enter, while FA is used to identify good stocks that will generate good returns over the long run. Used properly, we can "time" the market effectively while buying good and undervalued stocks, hence multiplying our rate of return. In a way, the probability of going wrong is reduced.
I shall try to post some charts while polishing my TA skills. Hopefully I will have time to learn more FA as well at the same time.
Yet... even though I'm more into TA at the moment, my strategy for improving cashflow by dividend investing remains. Will delve more into this in a later post.
1) I have found renewed interest in Technical Analysis. :)
Basically, before my renewed interest, I thought all there was to TA was just looking at indicators, candlesticks, and finding patterns. Then thanks to Market Talk at CNA forum, I'm impressed by the vast knowledge of the forumers in charting channels, doing Fibonacci analysis, and best of all, applying the Elliott Wave Principle. It really opened my eyes to a new world in TA such that I begun re-reading up and hungrily searching for data on Elliott Wave counts!
In addition, I have learned a lot from many kind forumers at Market Talk CNA forum.
2) I have done a little bit of short term trades along with buying more blue chips. In addition, I have offloaded Darco when a certain financial institution did a classic pump and dump (in TA). My portfolio is rather different from the last time I posted it. Will do an update soon.
3) I have finally realised that one of the most effective ways to earn is to couple TA together with FA. TA is useful in helping to identify a good time to enter, while FA is used to identify good stocks that will generate good returns over the long run. Used properly, we can "time" the market effectively while buying good and undervalued stocks, hence multiplying our rate of return. In a way, the probability of going wrong is reduced.
I shall try to post some charts while polishing my TA skills. Hopefully I will have time to learn more FA as well at the same time.
Yet... even though I'm more into TA at the moment, my strategy for improving cashflow by dividend investing remains. Will delve more into this in a later post.
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