I am feeling like holiday now

I was on leave from Friday till Monday and I went back to work today. While I need to work, my drive is very low, primarily because I am going on leave again by this Thursday. Yes, I am still clearing my leaves.

One may ask why not take the whole week off to have it cleared in one go? the problem is this, taking a lone absence from work also implicates that there is very little work for you and therefore you might be of less value to the company. So even when you need to take your leave, strategise, especially when year end is round the corner.


Fig 1 STI Weekly Chart

As I look at STI weekly chart, I also kind of thinking that it too want to take leave. So far it has continued its down trend. This some how tells me it is going for a 5th wave? RSI and Stochastic is still coming down, so I guess it will be continuation? At present it is supported by the 21 weeks moving average at 3,108.


Fig 2 STI Daily Chart

The head and shoulder pattern is more obvious on the daily chart with right shoulder mirroring the left. At the same time, we also see STI is presently support by its neckline at 3,122. It is also interesting to note that unlike the weekly chart, both indicators are at the bottom but without divergence. So is there a rebound before heading south again?

My take is: If it breaks 3,122, it is heading south. If it gap down tomorrow with open below 3,122 and stay down, the down trend is even more firm, even if it will not match the minimum objective.