10 May 2019

Finally Wave iii?

The wave count has been adjusted to take into account the latest waves. Wave ii has retraced 61.8% of Wave i which is a typical Fibonacci retracement. We can also see that the STI has gained support from the mid-line of the correction channel. These are confirmations of the wave count. However, the STI closed near the lower end of the intraday range today, which means that there is still downside pressure. Hopefully there will be real progress in the trade talks between USA and China next week to boost markets.

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