DBS

Do you know that my first time with DBS was when it was around SGD7.00? It was during 1998 that this happened and I was still very fresh to the market. In fact I shorted this counter then, convinced by one of my friend.

With nothing much to look at on the indices and that the normal stocks are all going sideways, it might be time for me to look at the blue chips. So why not start with DBS?

For the moment, it is not easy to interprete DBS, it seems to be in a continuous action of counter waves. Further more, after the "A" wave, the wave pattern seems to be in repetition. You will see 2 sets of 3-wave patterns.

 I am very doubtful that the wave pattern from 2009 till now would be a new bull wav, the reason is that the minor waves are all 3-wave patterns.

The thing is that DBS is reaching a resistance and I think it has limited up-side. The only thing to celebrate would probably be the triangle it formed with target SGD19.00.