Continue on to the next level for STI

As I am still waiting for the confirmation on a bear in STI. I was quite surprise today that both MA still have not crossed. Probably I am still a little impatient and can't wait to enter a bear market.

The move was quick, STI gapped down at starting bell and fell lower today. I thought last night that it maywant to take a breathe before proceeding but now STI said I still got strength to go lower still. With its international companions, it plunged towards the next level of support at 2,260-2,270 which I have mentioned last night.

A forumer from CNA was in a little disbelieve about reaching this level so soon when I mentioned this to him/her a few days earlier. It now seems like a possible level to reach. STI stopped its descend at 2,282 before moving back up. So will it move downward tomorrow and test 2,260-2,270? It is possible.

The move today effectively reverse both RSI and Stochastic downward. Similar with MACD of STI although it has demonstrated a divergence. From the pattern of the move, it seems likely that this is wave 5 of the A wave. If I use the calculation of a 5 wave movement, 5th wave of A wave should head for 2,279, which STI was close to this afternoon. If this is so, I believe that it may surpass this point but supported at the region of 2,260-2,270.

One thing that I notice is a sudden increase in volume for STI. This is fairly unusual as compare to the last few weeks. One question that I have in mind is whether this is a selling climax. If this is so, then we should be seeing the end of this move soon. Anyway, if it is true that we are nearing the end of the 5th wave down, the only thing left is up.