A zoom in to the chart plotted before
So far, I notice that STI tends to approach areas where multiple trendline resistance converge. So, STI might slowly gravitate towards the first multiple resistance 2 days from now, or the multiple resistances shaded in light blue. We shall see... Also, STI trends along each fibonacci fan line before breaking upwards. We might also trend along this 61.8% line before moving upwards to a hidden fibo fan percentage, namely the 76.4% line.
As expected way before, STI gravitated towards the 61.8% fibonacci line and the 50% fibonacci retracement line. Channel resistance was also at the same place.
Today, STI rose, but bounced off an already identified trendline. Based on Elliott Wave Count, this is possibly subwave 1 of the final wave 5 (or 3?) upleg, or subwave b of correction wave 4 downwards. Which one it would be, I will have to wait for more waves to unfold before being sure. However, I would go with the former.
Trendline resistance for tomorrow:
2611 followed by 2622
Support would likely be at the 20 MA line, expected to be about 2535.
For pivot calculations:
| Pivot | 2590.087 | |||
| R1 | 2614.213 | S1 | 2573.173 | |
| R2 | 2631.127 | S2 | 2549.047 | |
| R3 | 2655.253 | S3 | 2532.133 |
Combining the two, I would expect strong resistances around the 2615 region, with strong support at 2535.
Hence, expected range of STI for tomorrow: 2535 ~ 2615
Would STI surprise with extra strength tomorrow to smash through the resistances? We shall see :)
For the regretted UOB punt I made, I did some technical analysis as well.
There' still hope that 5 year upchannel is still intact at this point. Support had been found, and we could possibly relook at >$17 again soon.
Furthermore, UOB bounced off the 20 day MA at 16.38 today. It was rather "sticky" at this point throughout the day. This 20 day MA should provide moderately strong support for tomorrow as well, hopefully.
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