Another mis-read again?

It is Hari Raya Haji today and my family went for something we have not done for some while, we went to East Coast for breakfast in the morning.

The place was actually quite crowded when we reached there and car parks were full. Luckily we got hold of a parking lot at the road side. But instead of Mac Donald as we originally planned, we went for Burger King instead. For something we have not done for a long time? Its a great way to rejuvenate.


Fig 1 STI Daily Chart

Well, not so for STI. My last update as I recalled was on Monday, there was a moment I thought of a possbility with STI reversing. It seems unlikely at this moment. It broke through the Gan Grid Apex and went further down.

The question that I should ask myself now is whether I should predict its next move knowing that the last few reads were bad? So is this the reversal I have been waiting for?

My present read? Indicators are heading south, not yet at the bottom. So the present level which borders the previous high as well as the 21 days moving average might not hold. Adding a Fibonacci retracement levels, it should be heading to 61.8% level of 3,201. My guess is that it is going to follow the negative gradient of Gann Grid lines on the way down.