STI - Point and Figure Chart Update
The rebound this morning has caused a new column of "X" to be formed. This column of "X" has fixed the previous column of "O" and thus allowing a vertical count to be established. The Vertical Count ( VC ) target is 2,980.
Vertical Count = 10 boxes x 10 points x 3 ( reversal ) = 300 points
3,280 - 300 = 2,980
Please note, however, that the VC will only be activated when 3,160 is hit.
To sum up, Point and Figure sell signals : 3,160, 3,115, 3,105. Vertical Count target = 2,980.
If the index rally up and break above the red color Bearish Resistance Line, the above forecast will be invalidated.
Vertical Count = 10 boxes x 10 points x 3 ( reversal ) = 300 points
3,280 - 300 = 2,980
Please note, however, that the VC will only be activated when 3,160 is hit.
To sum up, Point and Figure sell signals : 3,160, 3,115, 3,105. Vertical Count target = 2,980.
If the index rally up and break above the red color Bearish Resistance Line, the above forecast will be invalidated.
Labels: Market Direction
posted by Market Wizards @ January 24, 2011
Comments: 0
