Refer to my last post on SGX: Analysis of Singapore's barometer. I did a long and medium term Elliott Wave analysis, with a bearish primary and bullish alternate view. It's time for a review!
Coupled with action on other world indices, beginning to prefer the bullish alternate view - though i admit its too early to tell. For now, i will present just the short-term picture, and review the wave structure at a later time. Here's the short-term chart:
Coupled with action on other world indices, beginning to prefer the bullish alternate view - though i admit its too early to tell. For now, i will present just the short-term picture, and review the wave structure at a later time. Here's the short-term chart:
In the last post, i suggested 7.6 and 7.8 as general areas of support and resistance, which have held, more or less. Noted also was the channel (cyan), which is increasingly looking like a bull flag.
And here's why i think SGX is headed higher:
- SGX is sitting right on channel support.
- General drop in volume between the lows
- Positive divergence in the RSI between the lows
Short-term target will be in the 8.3 region, or wherever price meets upper trendline. There's a hurdle around 7.8. Above view will be negated if we fall below the lower channel line. Next support 6.8 region.
All the best, and alternate views are appreciated!
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