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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.

2/04/2010

Its time to restart my hobby

I have been out of commission for a while. No, I am not sick, but close to getting one.

It all started with my mum called telling me that she was having a fever fore more than 4 days last weekend. It was normal for a fever to fluctuate and would normally subside in 3 days. My mum was worried because hers passed the "safe" days and doctor recommended that she check in at a Hospital. She went to look for an expert in virus stuffs ( I don't know what the title is called).

Turned out she contracted Denggi fever, an infection cause by mosquitos. It results in lowering of blood pallets and hers dropped to around 19,000,000 units at one point.

I rushed back to KL to be with my mum, coincidentally, it was the beginning of the market fall. I was there fore 3 days until she recovered an discharged from the hospital. I stayed overnight at the Hospital to accompany her as she was afraid of sleeping alone.

It is a strange thing because after I spent a night there, my energy was drained tremendously. When I came back to work, I was having cold sweat with varying body temperature. I felt lertargic and drowsy. But I was sure I was not having a fever or caught a cold.

Well, after that, I ended up sleeping very early for the last week without looking at the charts, after all, they are all falling, still.



Fig 1 STI Daily Chart
I guess I am well enough today to restart reading my chart, seemingly one of my favourite pass time.

Looking at STI Daily chart, it first seems to have stopped its descent at thearound2,751 level, which I have placed as a support earlier. It is congesting. The daily and weeky (not shown here) indicators have bottomed and the daily is reversing up. However, I think these cannot be trusted for the time being. The pattern looks more like it is in a process of creating a penant, flying at half pole. The wave count also seem to show an "a" (with ABC wave) completion and is now doing a "b". We should be seeing a "c".

My further guess is that this would only complete the A wave, when the B wave would set in, retracing back to close to the top. However, this assumption is still quite far away and I still have to WAIT for STI to unfold itself.

The penant target is 2,518, the fibonacci support is 2,410.

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