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My Charting Blog

It is interesting that I start off this Blog when the Singapore Stock Market is heading south. However, this makes it more interesting for me to write on as the market turned volatile. My interest is Technical Analysis, TA for short. I love to look at charts and predicting where they are heading. This blog is or me to record my thoughts on the market. The articles on this blog are based solely on my personal opinion on the charts that I read and readers should not take it as absolute.

1/17/2010

STI 2,908 again?

I don't know what to say, the STI keeps coming back to 2,908. I think the heaven is asking me to buy 4D......


Fig 1 STI Daily Chart

Lately I am having a little doubt about my earlier wave count, The main reason is because my wave 2 is a little too small and it is more like part of a minute wave. If this is so, then the 5 waves have already completed and the 4th wave is actually either a 2nd or B wave. The latest development would likely have to be a C wave. Presently, if base on my judgement, Either way, both c or 5th wave is a little short and probably there might still be some room on the upper floor.

Base on Fibonacci projection, the next level should be its 23% mark. STI is getting close. Resistance at 2,972(would this be another 4D number?). The RSI indicator while turning, has not yet provided a divergence against the STI. The next phase would likely be a correction resulting in a 4th wave of this c (or 5th wave).

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