The Straits Times Index
The Stratis Times Index tested uptrend line "A" ( confluence by 40 SMA ) today and closed above it. RSI has reached the support level of the previous trough. The index may bounce up from here, and if it does, chances is the correction may end and the index will propel further ( see Elliott Wave chart we are at wave 4 so there should be one more leg up ). If, however, the index break through uptrend line A and the 40 SMA. We will be looking at the resistance turned support line "B" as next target.
Labels: Market Direction
posted by Market Wizards @ November 22, 2010
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