Not a very happy CNY

I haven't been reading charts the last few days, my hypertension condition is ringing very loudly in my head, plus, my cough is not completely healed and it turned into a flu. My wife, my son and daughter are also catching the cough from me *sigh*. I am also having this neck pain since my return, it is strange as it is not the problem from the joints of my spine.The pain leads to headache.

The last few days have been quite chaotic, trying to adjust back to normal life. I have not been reading the charts since I was back from KL on Sunday, the notebook was dismentled from the system and I need to reconnect all the wires to get it operational.


Fig 1 STI Weekly Chart

Looking at STI, it is certainly not a good start for CNY. Coincidentally, I read my past 2 posts and noted that both posting contradict each other. It seems like the wave count at the moment is more reliable than the indicators. Like the earlier posting, there is more down side.

What interesting is the STI has now broken the double top neckline, as a respect for the pattern, the measurement of minimum objective is 2,969. STI also broke through the 21 weeks moving average at 3,150 which now become the resistance. Its 89 moving average on the other hand is supporting the index at 2,898.

On weekly basis, RSI and Stochastic is heading south, and it seems like this is only the beginning. Another point to note is STI is leaning towards the negative gradient of the Gann Grid line, so it is likely to move southward.

As for tomorrow,well, on daily basis, the indicators are already at the bottom, there might be rebound. If we believe in Fibonacci on the other hand, the next natural number is 5, so it is less liely to have a 4-day trend,the fifth is likely to be a down as well.