My fresh funds continue to stay out of the market. No point going in if I'm expecting the market to correct deeply.
Chart as shown:
The potential big head and shoulders that is looming is really scary at the moment. Especially when it is slanting, this presents a more bearish scenario.
STI rebounded at the 50 dma today at 2850. How long more will this support hold? I don't think it will hold long. Potential upside will be capped at 2890, the 61.8% retracement level and previous top. The 61.8% retracement holds a significant meaning being the golden ratio.
Even if there's more upside, it will be limited. I will maintain not entering fresh funds yet.
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