STI turned

I took 2 nights off my charting routine. I was relatively drained partly because I have to take care of my son who is coughing non stop and the whole process is recurring.

I was also quite stuck with the charts, I was certain that the market is going to turn but its recent moves kept evading me.The only thing that I found useful was to take a step back and move away from charting for a while. It works most of the time because it helps me to defocus myself. Some times, as in this case, I am more or less there except that I am early.


Fig 1 STI Daily Chart

My earlier wave count seems to be quite on the spot except for the 4th and 5th wave. With the new heights, I can conclude that the move from August 2009 to Febuary 2010 is the 4th wave and the 5th wave is between Febuary till now.It is quite clear with the 5 waves pattern on the fifth wave.

As I have mentioned during my last entry on STI, after it broke through 2,947, the next objective is 23.6% advancement from 2,947, pointing to 2,997. STI stopped short by a single point. So can we wrap up the bull for this round?

The indicators ARE coming down, further to that, STI is also clinging onto the descending slope of the Gann Grid lines. I find it interesting with Gann Grid. My observation on the working of this is that most of the time, the chart has to break through the grid line, then clinge back and follow the slope, shich ever direction it goes.

The only issue at this moment is STI is hitting the apex between the negative and positive slope. It still can go both ways. I would bet on it coming further down because of the indicators.

The support remains at 2,947.