12 May 2007
STI
down gap on the hourly chart fully backfilled at 3463, high 3464 so far today, watch what Mr Market will do next.
Elliot wave analysis shows that 5 impusive structure starting from low of 2931 on 05 Mar 07 almost in place, tg 3567 almost hit ( high 3523 so far, only 44 points short of). does not exclude one more push up to 3567 before a real correction.
on the other hand, STI breached two fan lines drawn from low of 2931 on 05 Mar 07. if it breaches one more in coming sessions / weeks, STI will die already!
Pattern analysis shows that STI's rising wedge is at its terminal stage.
STI's MACD has a double divegences with STI.
all above 4 points point to a bearish view on STI.
pls refer an analysis quoted from my blog,
*/search/label/Elliot%20Wave%20Analysis
Quote:
STI Elliot Wave Analysis
monthly chart: 5 up waves I II III IV V in terminal stage - tail of the super bull market that started from SARS low cum US Invading Iraq War low in Mar 2003.
wave I up: 1205 (month ended on 31 Mar 03) to 1912 (month ended on 30 Jan 04)
wave II correction: 1912 (month ended on 30 Jan 04) to 1690 (month ended on 31 May 04)
wave III up: 1690 (month ended on 31 May 04) to 2399 (month ended on 31 Aug 05)
wave IV correction: 2399 (month ended on 31 Aug 05) to 2278 (month ended on 30 Jun 06)
wave V up: 2278 (month ended on 30 Jun 06) to ? (>3316)
wave V consists of 5 extended waves (1) (2) (3) (4) (5) which can be seen on the weekly chart only instead of on the monthly chart, in which waves (1) (2) (3) of wave V had completed, current intermediate correction is wave (4) of wave V. there will be wave (5) (up) of wave V after wave (4) of wave V completes in due course to complete whole wave V thus complete all waves I II III IV and V. wave (4) of wave V likely to be a symmetrical triangle consisting of sub-sub-waves abcde 5 waves, which is a complicated wave. There are many ups and downs within wave (4) of wave V - good stuffs for short term technical traders. wave (4) of wave V targets 2797 / 2675.
wave (4) of wave V had completed at 2931 on 05 Mar 07.
wave (5) of wave V starting from 2931 on 05 Mar 07, which can be divided into 5 smaller waves 1 2 3 4 5. waves 1 2 3 4 of wave (5) of wave V had completed, wave 5 of wave (5) of wave V still in progress, my tg is 3567.
I expect a huge correction after wave 5 of wave (5) of wave V completes.
down gap on the hourly chart fully backfilled at 3463, high 3464 so far today, watch what Mr Market will do next.
Elliot wave analysis shows that 5 impusive structure starting from low of 2931 on 05 Mar 07 almost in place, tg 3567 almost hit ( high 3523 so far, only 44 points short of). does not exclude one more push up to 3567 before a real correction.
on the other hand, STI breached two fan lines drawn from low of 2931 on 05 Mar 07. if it breaches one more in coming sessions / weeks, STI will die already!
Pattern analysis shows that STI's rising wedge is at its terminal stage.
STI's MACD has a double divegences with STI.
all above 4 points point to a bearish view on STI.
pls refer an analysis quoted from my blog,
*/search/label/Elliot%20Wave%20Analysis
Quote:
STI Elliot Wave Analysis
monthly chart: 5 up waves I II III IV V in terminal stage - tail of the super bull market that started from SARS low cum US Invading Iraq War low in Mar 2003.
wave I up: 1205 (month ended on 31 Mar 03) to 1912 (month ended on 30 Jan 04)
wave II correction: 1912 (month ended on 30 Jan 04) to 1690 (month ended on 31 May 04)
wave III up: 1690 (month ended on 31 May 04) to 2399 (month ended on 31 Aug 05)
wave IV correction: 2399 (month ended on 31 Aug 05) to 2278 (month ended on 30 Jun 06)
wave V up: 2278 (month ended on 30 Jun 06) to ? (>3316)
wave V consists of 5 extended waves (1) (2) (3) (4) (5) which can be seen on the weekly chart only instead of on the monthly chart, in which waves (1) (2) (3) of wave V had completed, current intermediate correction is wave (4) of wave V. there will be wave (5) (up) of wave V after wave (4) of wave V completes in due course to complete whole wave V thus complete all waves I II III IV and V. wave (4) of wave V likely to be a symmetrical triangle consisting of sub-sub-waves abcde 5 waves, which is a complicated wave. There are many ups and downs within wave (4) of wave V - good stuffs for short term technical traders. wave (4) of wave V targets 2797 / 2675.
wave (4) of wave V had completed at 2931 on 05 Mar 07.
wave (5) of wave V starting from 2931 on 05 Mar 07, which can be divided into 5 smaller waves 1 2 3 4 5. waves 1 2 3 4 of wave (5) of wave V had completed, wave 5 of wave (5) of wave V still in progress, my tg is 3567.
I expect a huge correction after wave 5 of wave (5) of wave V completes.
Labels: Elliot Wave Analysis
