Wednesday, December 15, 2010

Hang Seng and Singapore STI - Watch out for Head and Shoulders


Dow is on its way to complete the wave v of its major wave (3) of its mega wave B. Now that wave v is slightly above its wave iii level, it is possible for wave v to end anytime. Wave v can be quite unpredictable, it can have a failure v if it starts to turn down from here and it can also be extended if it continues to inch its way upward for another few months. Must monitor very closely for possible sign and indication.


Hong Kong Hang Seng Index



Hang Seng dropped 455 points (2%) to 22975 today to move closer to its neckline to complete its 'head and shoulders' reversal pattern. If it plunges through its neckline with high volume, its next support is 20,500.


Singapore STI


Singapore STI dropped about 30 points (1%) to close at 3147. Same as Hang Seng, it is also heading for a 'head and shoulders' reversal pattern. Has the bear market rebound since March 2009 ended? The possibility is there.

No comments: