Its been a hard day's night....

I was on leave since Friday afternoon. The purpose is to clear outstanding leaves and only 7 days are allowed to be brought over. It was supposed to be a full day's leave but I cancelled half a day because of a meeting with customer in the morning. Anyway, it was quite stupid of me to cancel 1/2 day, I have have cancelled teh whole day!

To start with, the meeting started 10:30AM and it lasted till after 12:30PM, I have lunched with my colleague and by the time I sent him back to office, it was already 2:30PM! By the time I reached home, it was 3:00PM. I just wasted 1/2 of my 1/2 day leave! Life was not that great after that, my wife asked me to do some repair to the house and I used up the remaining 2 hours to fix the wall and the bathroom cracks!

I am on leave today, but only less than half a day belong to me. I went for my Taichi in the moring after breakfast with my wife, then it was home for a short shower and rest. Right after that it was to the office to collect something I have missed and followed by fetching my kids. I have promised them a holiday after 12:00PM today and I have to be a man of my words. My parents weren't really like that and I have collected a lot of broken promises as a result, I don't want my kids to feel the same way.

Anyway, we have chicken rice for lunch, then off to Parkway Parade,where they enjoyed the arcades, eat yogurt, check up book stores and get one Play Mobil each on my tap. They are sleeping now so I guess this is the only time frame I have for my last entry before heading to Thailand.


Fig 1 STI Daily Chart

The chart was only up-dated till Friday last week, when I saw the chart, I was quite surprise of the free fall on Friday. It probably penetrated the high in the morning and plunged to the bottom by the end of the day.

At its peak, it failed to poke through successfully on the 50% Fibonacci retracement resistance. While Stochastic is still climbing higher, the RSI on the other hand is not. It is again a little difficult to make the call right now. My feel right now is that there is still a little to go for the correction (upward). The 21 Days moving Average is resisting at 3,184 while the 50% Fibonacci Retracement resistance at 3,218.


Fig 2 STI Weekly Chart

Looking at a higher time frame I see a slightly different picture. The Stochastic and RSI is totally in reverse of the daily chart. Stochastic is still on its way down while RSI reversed. But because it reversed on half way mark, it probably shows a correction instead of a reversal on STI.

The trend resistance/support for today is 3,178 while the 38.2% Fibonacci retracement resistance at 3,196. The last up-date I have is STI hovering around this region (3,198).

P.S. A look at STI chart on Today's paper give me the feeling that it is doing a counterwave. If this is the case, probably a is completed and it is doing b. From the looks of it, it could be wave 2 of A, if this is true, STI would be in deep shit.