HSI, SSEC, Nikkei225 and STI and patellar Tendinitise

I woke up at 5:30AM this morning with cruciating pain on my knee cap. I was already having this mild pain the last few day, it was discomforting but not to the extend of immobilization. It was different this morning, more likely the result of constant kneeling during yoga session last night. I could not afford to bend my knee without inflicting jaw biting pain.

First thing I did was to create an ice pack to relief the pain, I recall the doctor recomendation of ice pack was the best way to reduce inflamation, and I did just that.It help to some extend and I still needed to endure the pain every time I move my joints even by a 5 degree angle.

I finally saw the doctor by 9:30AM. I was expecting some outcome like artritise or uric acid as the cause of my pain. But Patellar Tendinitise really came as a surprise to me. It seems that I have a mild injury on the muscle attached to my knee cap ( the triangular muscle right below the knee cap ), and the kneelings done last night was the catalyst for the inflamation. He told me that the problem will last for about 2 weeks. There is a quick way of injection which will allow the inflamation to subside in a few days time or the long way of taking medication ( mainly pain killers ). I chose the long way.


Fig 1 HSI Weekly Chart

So much for the Patellar Tendinitise, let's look at HSI. I have earlier created a narrow channel which HSI would be moving for a counter wave. Well, it is likely to have completed the d wave and now fulfilling the e. This also coincide with the downward movement of both Stochastic and RSI.

If e wave is true, its objective would be around 18,280 before it reverses with C wave of target 30,1265 base on a swing move. It seems like HSI is not really in that bad of a shape afterall, that is if my judgement is right.


Fig 2 SSEC Weekly Chart

I have in my earlier entry identified the symmatrical triangle on SSEC and that it is in progress of fulfilling its destination of 2,043. It is still half way there, pausing at the moment.

However, the indicators are again turning south, what's more, there is a small divergence on RSI. This also coincide with the chart reaching the apex of the Gann grid line, crossing from positive to negative gradient. SSEC is going to continue its journey.

For the moment I am having another thought. The short pause of SSEC created a possible scenary of a swing move, this would lead the index further south to 1,818. Seems like China is not really doing well.


Fig 3 Nikkei 225

Nikkei 225 shows quite a clear picture. A 5 wave (abcde) pattern forming an up-ward wedge, broke downward and heading for 8,359. It paused briefly (a few months) probably due to political uncertainty then. I am sparing a thought of using the swing move measurement again. If apply to Nikkei 225, its next target should be 7,701.

So far things aren't that bad even with 7,701. Its previous low was 7,000 in end 2008. In addition, both RSI and Stochastic is bottoming, of course it may be possible that these 2 could stay for a longer period of time, but they are not giving much leeway for new lows.


Fig 4 STI Weekly Chart

If I am so negative about the above 3 indices, what do I make out of STI?

The interesting thing is that the indicators (Stohastic and RSI) as bottoming and turning (RSI). However, I feel that this is more as a correction than reversal. For one the indicators movements are more aggreesive than the chart itself.

So far I have seen no clear pattern for measurement, so base on its resistance, STI may reach 2,947. In addition, its 21 weeks moving average is supporting at 2,894.

So far, STI seems to be out of phase with the other 3 markets which are exhibiting more negativity. However, it is unlikely to diverge from the rest of the world, it would eventually have to follow.