Waiting for new buying opportunity !
The Straits Times Index closed lower today by 32.88 points, the first significant pull back since July 14. It is, however, too early to conclude if the bull has succumb to the bear. My Elliot Wave chart has shown some additional details & recount. 5iii & 5v are now almost the same height. This leads me to speculate 5v may push higher after the overbought situation is corrected, maybe to 2,800? Not very sure, just my speculation!
Today's closing is a bearish engulfing candle. Parabolic SAR is accelerating with the trend. The downside support are marked in the chart based on Fibonacci retracement ratio. I think between 2,400 ~ 2,450 is a good buy zone. I am beginning to monitor some counters awaiting the opportunity!
Labels: Market Direction
posted by Market Wizards @ August 04, 2009
Comments: 4
