DJIA on 5th wave

I went to Pu Tien for lunch today with my colleagues. No, not the original but another one a few units next to it at Kitchener Road. It Pu Tien Seafood Restaurant.

I have been to this restaurant before during Chinese New Year and this is the second time I am in there. The food is good compare to the original but I am definitely not very keen on going into this restuarant, because this is a copy cat.

True enough there are many copy cat Pu Tien in Singapore, their dishes are the same. What cause me to despise them is the fact that they have no originality. They should have more confidence in their skill and use a different name for their restaurants, why the need to copy in hope that some unsuspecting innocents mistake as the original?

It seems to me that This is a frequent phenomenon in China, the most recent that earned world wide attention being official song for Shanghai World Expo. The guy know very well that his song if selected will be broadcast world wide. Especially when he copy 90% of it, it will take an idiot to not recognise it. The worst thing is that he copy the song from a Japanese writer! Haven't us not enough humiliation from the Japan imperialism during the Second World War? To use the song that he copied from a Japan Artist only go on to justify Japan's reason for the conquest.

seriously, it is as if copying other's masterpiece is a pride in China, has the Chinese no morality and humility left? I am the descendent of the Chinese race and I pride myself for being one. This definitely brings shame to me even when China is so remotely related to me.

If you ask me, I will say this guy need to be charge for treason.


Fig 1 DJIA Weekly Chart

Looking at the chart I am a little uncertain. No pattern sighted, both indicators are toppish and yet no sign of reversal. However, probably a correction is at hand.

It also seems that DJIA is on the 5th of the 5th wave. If I use Elliott Wave theory, the fifth should be the same as first, then it should eventually be heading for the 38.2% Fibonacci projection @ 12,380. There are however resistance at the 61.8% Fibonacci retracement (from bottom) @ 11,268. The closest support at the time is 10,827. This also happens to be this week's Gann Grid support.

My guess is that a retracement is needed before DJIA continues to move up. So the Fibonacci 23.6% projection resistance @ 11,759 would be the point.