I just decided to spend $60 to buy chartnexus's 1 year subscription for data of the last 15 years of STI...
I drew STI monthly chart with fibonacci... and guess what...
IT'S VERY BULL.......
Ok look at the monthly chart first... Elloit wave experts please comment... I only know the basics...
From what I see, we are in wave 5 ... taking wave 1 from Sept 1998.... and long wave 3 from Apr 2003 to Oct 2007... and the subsequent recovery from wave 4 (lehman bro's) at Mar 2009 being the start of wave 5
Note that all the turning points, wave 2 and wave 4 all have never exceed the lows in previous years... which is essential for EW theory. And Wave 3 so far is true in that it's the longest.
So with the theory... wave 5 is suppose to exceed wave 3 top (highest ever 3906.16 in Oct 2007).
Which brings me to my next point. Being fascinated, I drew a Fibonacci retracement from lows of 2009 (1455) to the high of Nov 2010 (3313).(the blackish brown lines), accurately reaching last year's rebound point of the crash around the 61.8% support to keep the uptrend. Based on what I have heard about fibonacci, the long term term is 161.8% for the ultimate target. I calculated and got 4460! (wtf! can reach so high ah STI.. with all this euro crap around).
That said, all we need is the EW to clear 3906. That means a Fibonacci target at 138.2% is enough (works out to be 4021 and it's off the charts)
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Moving on to the weekly chart. I draw fibonacci from the base 2522 at October low to late october's top. Subsequently STI pulled back all the way until 23.6% in Dec.
Now the short-mid term target is 161.8% at 3141. That was 3rd and 4th Aug's high....
Any comments from any experts?
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