dow is in 38.2% Fibo Retracement down turn

dow has finally broken down its rising wedge formation last week. Currently i think it has completed the elliott wave 5 since March this year. In order for the equity market to start the next cycle of bull run, we expected a 38.2% fibo retracement from its recent peak as to go in line with the elliott wave theory.
If this is the case then most of the Asia's major index shall follow this down turn soon.

updating of current market status

If you can recall my early post on Oct 20, i said tt DOW is in Bearish rising wedge formation. And exactly on that day onwards it start to fall until now. And it was also follow by the major asia market index to be fall from their overbought situation. In another words our STI also cannot be avoided
Eventhough i am very much to prefer STI to break the stubbon 2745 level that time, however in my post dated 26 Oct, i still cautiously to choose a wait strategy. I have no confident that STI can run out of its danger stage that moment if others index are all having down turn sign. I was right that moment in my decision.
At least we have a better picture now than before and most of the indexes are in their down turn movement. So in the full process of playing with the equity market game, one learnt that the important of "PATIENT".
Will be continue to update u again should any big move is arised base on my TA study.

good day !

DOW is in Bearish rising wedge formation

In my previous post dated Oct 15 i mentioned that DOW had not much room of uptrend.

As from the above chart we can see it forms the bearish rising wedge formation in 3 months time. This is somehow not a very good pattern we are expecting for.

What is Bearish rising wedge formation ?

First of all, a wedge formation is similar to a symmetrical triangle in appearance, in that they have converging trendlines that come together at an apex. However, wedges are distinguished by a noticeable slant, either to the upside or to the downside.
In our case of rising wedge is considered bearish.
So be alert in our local market that may cause big fall should Dow happened to be a trend reversal.
Cheers !

Dow Status

Dow when up yesterday. In short term next week they may continue its uptrend as the MACD still stay above 0 line. Due to the volume never move high, I target it at 10000 to achieve !