How right am I?

You can get it wrong many times when you do charting, but when you are right, it feels like you have won a million. So I was right about these 2 days, I mentioned that Monday should be up but short lived. In fact Monday's rise of STI was only stopped by the neckline and today it has lost all its gain, went even lower than Friday's low.


Fig 1 STI Daily Chart

Now I am in a mild dilema, both indicators are in conflict with each other. Stochastic is reversing down while RSI up. What's in common is that they are both at the bottom. Another issue arise, STI is touching the positive gradient of the Gann Gird line while weekly chart touching the negative part.

This time I am making an educated guess base on probability. It will be up tomorrow when I consider the 4th wave of the this third wave. It could be irregular pattern so we will see a rebound up tomorrow (probably to the neckline again. This would be before it breaks through the Gann Grid and continue to move south once more. If on the other hand STI is in such a weak condition, it will break right through the Gann Grid tomorrow. A stronger rebound will come after the completion of the fifth.

In anyway, we should not be in the market now unless it breaks 3,118. That will render the double top invalid and instead indicating the possibility of the completion of the counter wave.