The use of Fibonacci Arc on reversal

I haven't done any entry the last few days. For one, I was on holiday, while I went through the charts, I did not see much change needed to my earlier entries. Thirdly, I fell sick, again!

This time I am not alone, my wife were with me together. Season for mangosteen and rambutan just started and we happened to munch a little too much of them. Both of us came down with sor throat and fever the next day. Can you imagine to go on tour and need to stay and rest in the hotel? Well, I guess this is what it means by "together, through thick and thin".

Even after we reached home yesterday, the sickness followed, we went to the doctor and were given MC, I am still recovering as I type this entry. It is strange that medicine is supposed to make you feel better but in the process it is making you feeling worse.


Fig 1 STI Daily Chart

Anyway, I did not get a chance to look at STI yesterday and did not realise that it fell with a gap down again. The fall in the end was not that great, a mere 22 point. The interesting part is a Fibonacci arc that I have put in place using the 5th wave measurement.

I was look at STI on Saturday ( I was not yet sick then ) and I was wondering when it would go to the next level? Apparently it just did yesterday. My guess now is that it will clinch back to the arc for a while before it goes further down. It is fast reaching the Gann Grid ressitance with negative gradient at 2,853, which I think would result in another fall following the gradient. Most likely STI is to hit 2,800 following this gradient.

The thing with the whole move is that it looks more like a 5 waves movement at this point of time, Which means to me that this is the beginning of the bear move, there will still be a B and C after this which is A. Rather to say that we are going to have a second dip, we are likely to be in the second dip now.