STI weekly update 25/07/2011

I must admit I have not been posting too many charts recently. I will try to at least post STI chart weekly.

Weekly chart has turned positive. There was a breakout off the symmetrical triangle last week. A break of 3208 creates a higher high and confirms uptrend.

Daily chart: We also had the island reversal pattern last week. STI gapped up above the triangle and closed near day high indicates a strong uptrend. However, we must take note that if it closes inside the triangle again it might try to close the gaps at 3147 and 3100. Nevertheless, I think the trend has turned up strongly.

STI Hourly: For Elliot wave fans. Depicted below, I think we are in the intermediate up wave 3 of major wave 3. I think wave 4 might only begin after next week.

Good luck with your trading. Feel free to comment.

PS: Just my personal view. I could be wrong.