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Final STI Bear Market Rally Coming?

Here's a summary of key points in Daryl Guppy's report on Straits Times Index, July 22, 2009:



  1. STI had moved above the upper edge of the trading band projection at 2400.
    This is also a very strong historical resistance level, so this move is very bullish.

  2. The next historically strong resistance level is near 2750 and there are no technical barrier to a rapid rise to this level.

  3. There is a minor shoulder resistance level near 2650 = the peak in May 2006, suggesting a high probability the market will lose momentum between 2650 and 2750.

  4. The double test and rebound from the long term GMMA indicated the growing strength and sustainability of the uptrend. The long term GMMA did not compress in reaction to this tests.

  5. This is a strong and sustainable trend – not a rally.

  6. Any retest of support near 2400 will provide an entry opportunity.


Wow! Looks like a final Bear Market Rally is coming!


It is best not to get too carried away with this rally. It is not a Bull Market yet. After this final Bear Market Rally, Phase 3 of Bear Market is expected to start.


I'm preparing STI and DOW/S&P500 charts to show the revised Elliott Wave Counts. Let's see if it confirms this final Bear Market Rally. When will it start after some correction? How high can it go?


Be careful!



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