STI had completed the Elliot Wave 5 and started the correction. The next support will be probably around 2420 points (61.8% Fibonacci retracement of Wave 5).
Thursday, August 20, 2009
STI : End of Elliot Wave 5. Big correction is coming?
I am very tempted to pick up some stocks this week after seeing some selling off. However, I changed my mind and decided to ENDURE and wait for the big correction. I have to be very disciplined for these two months.
The index will probably retrace back to 2220 points (61.8% retracement of full Elliot Wave 1- 5), ie. there is another 300 points to go! STI is really looking bearish, isn't it? However, it is a good news for those who have missed the April-July rally. I am loaded, and I am ready to go!
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