20 January 2008
DOW
just read dow's chart, I guess dow could have a chance to stage a strong rebound to 12900 from 12000 in coming weeks. but we can only view this oversold rebound as a technical rebound (pulling back to neckline of the head and shoulders formation after breakdown on the weekly chart of dow to test validity of the breakdown of this SHS) for squaring off all long positions and preparing for shorting near there subject to confirmation of downtrends on both daily chart and hourly chart of dow.
STI
wave A of the bear market in form of 5 clear impulsive waves could have completed at 3008, wave B rebound (suckers' rally) could have started from 3008.
Strategy
buy important STI components when it approaches 3008 again, if possible.
STI wave B rebound (suckers' rally) target: 3457 / 3562
STI resistance: 3300 could be significant in short term.
just read dow's chart, I guess dow could have a chance to stage a strong rebound to 12900 from 12000 in coming weeks. but we can only view this oversold rebound as a technical rebound (pulling back to neckline of the head and shoulders formation after breakdown on the weekly chart of dow to test validity of the breakdown of this SHS) for squaring off all long positions and preparing for shorting near there subject to confirmation of downtrends on both daily chart and hourly chart of dow.
STI
wave A of the bear market in form of 5 clear impulsive waves could have completed at 3008, wave B rebound (suckers' rally) could have started from 3008.
Strategy
buy important STI components when it approaches 3008 again, if possible.
STI wave B rebound (suckers' rally) target: 3457 / 3562
STI resistance: 3300 could be significant in short term.
Labels: Charts, Elliot Wave Analysis
