On last week 29th Nov, I drew out STI's possible rebounce to 3215 level to form its right shoulder,(Click HERE) and now it hit it and coming down. Below is the present chart:
Looking at the chart, it seems like making a classical Head and Shoulder pattern, but I'm not that bearish as it suggests, STI is currently trading around its major uptrend line. The overall uptrend is still intact.
Anyway, the head and shoulder pattern would be only confirmed when it break its neckline which is at 3120 level. I'm still bullish bias as for now. Let the chart decide its course.
4 comments:
Very competent and professional analysis to say that "head and shoulder pattern would be only confirmed when it break its neckline"; and to remain bullish until the trend proves to have reversed.
I'm sick and tired of seeing other blogs run by amateurs who call a H&S pattern even before the neckline is broken.
Keep up the good work!
tks. it's easy to make simple things more complicated. and it's hard to make complicated things easy.
I first came across your blog about a month ago and now I visit it daily. I find your postings more careful and credible, and you express your opinion humbly. Not like some other blogs where the authors write their analysis with so much authority like as if they cannot be wrong.
they r more brove than me, brave ppl often die hard in this mkt, neither for coward..haha.
hmm. really hard.
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