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Saturday, July 25, 2009

STI Elliott Wave Count & How High?

I've been reading a number of US TA Experts' analysis and Elliott Wave Count for DOW and S&P500 but cannot find any for Straits Times Index. Oops, I'm talking about free technical analysis lah!

So I shall attempt to do my own technical analysis based on the methods and views of these US TA experts for US Markets.

Here it goes:

Where are we now?

(see 3 Phases of Bear Market & STI Daily Charts)

Phase 2 of Bear Market, Wave C up.

1. Wave 1 up due to complete or completed. Next is wave 2 down.

2. Alternate wave count = Wave 3 up due to complete or completed. Next is wave 4 down.

How high can STI go?

(see STI Monthly Chart)

Estimate is 2666. Here is the maths:

1. 50% retracement =2677
2. 50 month moving average as strong resistance at 2680
3. May 2006 high as strong resistance at 2667
4. Downtrend line as strong resistance at 2670

If market sentiments continue to be bullish and heavenly factors support bullishness, then we should see the completion of 5 waves up. Otherwise, uptrend might just truncate. Oops, IF my wave count is right!

So be careful hor! Now the Fengshui Forecast and Financial Astrology Forecast for August 2009 dun seem to look positive liao!

Expect the Unexpected!

DOW and S&P 500 Elliott Wave Count & How High? Coming Soon!

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