SSEC reversal

It was a few weeks ago that I first chance upon SSEC due to the Forum "hot topic". I have last predicted a fall of maximum of around 500 from its top of probably 3,478
to a level of 2,939. This is base onFibonacci calculation of a 4th wave retracement which is 0.382 of wave 1 to 3. It went further than my expectation to a level of 2,761.



Fig 1 SSEC Weekly Chart

At the end of last week, SSEC seems to have ended its downward trend. In fact it created a hammer after a gap down. This is a good sign because it signifies a reversal. However, we should not be too happy yet because we still need a confirmation, which is this week.

The signs are good today with opening higher thanthe previous closing. Yet, we have to wait till the end of the week for a full confirmation. Should it be a long candle bar, if that is so, the hammer would then be a morning star, which gives much confirmation that SSEC would be up the next week.