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.
Labels: STI
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