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My Charting Blog

It is interesting that I start off this Blog when the Singapore Stock Market is heading south. However, this makes it more interesting for me to write on as the market turned volatile. My interest is Technical Analysis, TA for short. I love to look at charts and predicting where they are heading. This blog is or me to record my thoughts on the market. The articles on this blog are based solely on my personal opinion on the charts that I read and readers should not take it as absolute.

11/10/2010

STI on fifth wave

It has been more than a week since I have last touched my charts. I kind of missed it. So I was quite unhappy that I did not manage to get an up-date on the movement.


Fig 1 STI Weekly Chart

Today, I am using the weekly chart for my analysis. Frankly speaking, it is hard to tell base on the indicators, Stochastic is heading up while RSI reversing down. I will have to move on to using wave count for this.

With STI breaking previous high, it is quite confirm that it is on the fifth of the fifth wave. The beginning of the fifth wave was an extended first wave. Third wave was straight forward, the second was a complex while 4th a simple for this round. So there will still be some where to go for STI base on the latest development.

Using Fibonacci projection, the probably limit this round is 23.6% projection of 3,410.Its 21 weeks moving average is supporting at 3,068.

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