A little intro, this post to kick start the action and bring a little life at this clean and green site.
Now let's have our market action updates.
Market Action
After 3 trading days as I last wrote about the retracement matter, we see that markets have plunged tremendously, exceeding our expectations of lows. This is partially because the turning points were a little lower than expected. Nonetheless, the expected has happened. We shall now brace for what is to come.
As this is being reported, the STI is at a low of 2886.56, the HSI at 22285.00 and Nikkei at 13159.45 All 3 major Asian indices have fallen considerably since Thursday. On the other hand, Wall street is rebounding from its low.
Insights and Opinion
Moving forward, we have our visual illustrations and opinions on where things are heading.
Starting with the STI, here we see a familiar candlestick. Not that this candlestick is a very special one and that its presence signifies a reversal about to happen, this candlestick after a gap down shows that a reversal is likely to happen. Throughout Tuesday, the market opened much lower and crept up slowly and quite surely, implying short term strength. This
together with our familiar candle is good sign.
On to the HSI. The latest candle is obviously a hammer. Although it is a black one, its presence in a strong bear market is a reversal sign.
Wrapping up, these signs are in line with previous estimates of retracement of the markets and projected short term up trend.
Say tuned for the next update coming soon, within the week, when we confirm this short term up trend and analyse the coming downturn.
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