STI - Mimosa's Elliot Wave Target
Reference the EW chart in my last post, below is my own speculation:
Sub-wave 3 ( from "2" to "3" ):
1,766 ( Jan 29 ) - 1.544 ( Mar 4 ) = 222 ( 5 weeks duration )
According to Elliot Wave theory, Wave 3 should not be the shortest in the impulse wave. I assume Wave 3 = Wave 5, which is quite common although Wave 5 can be shorter or longer than Wave 3 ( since Wave 1 is already the shortest ).
Sub-wave 5 ( from "4" to "5", once complete, will mark "5/5" ):
1,518 ( Mar 5 ) - 222 = 1,296
Assuming if it takes 5 weeks to complete, the target date shall be April 10.
Wave 5 marks the bottom of the bear market which started on Oct 10, 2007 when STI was at 3,814. From there, the bear market has gone through a zig-zag correction where wave A ( 5 wave ), B ( a, b, c ), C ( 5 wave ) took place. If my forecast comes true, the bear market last a total of 18 months ( from Oct 10 '07 ~ April 10 '09 ).
Sub-wave 3 ( from "2" to "3" ):
1,766 ( Jan 29 ) - 1.544 ( Mar 4 ) = 222 ( 5 weeks duration )
According to Elliot Wave theory, Wave 3 should not be the shortest in the impulse wave. I assume Wave 3 = Wave 5, which is quite common although Wave 5 can be shorter or longer than Wave 3 ( since Wave 1 is already the shortest ).
Sub-wave 5 ( from "4" to "5", once complete, will mark "5/5" ):
1,518 ( Mar 5 ) - 222 = 1,296
Assuming if it takes 5 weeks to complete, the target date shall be April 10.
Wave 5 marks the bottom of the bear market which started on Oct 10, 2007 when STI was at 3,814. From there, the bear market has gone through a zig-zag correction where wave A ( 5 wave ), B ( a, b, c ), C ( 5 wave ) took place. If my forecast comes true, the bear market last a total of 18 months ( from Oct 10 '07 ~ April 10 '09 ).
Labels: Market Direction
posted by Market Wizards @ March 11, 2009
Comments: 0
