China Fishery – 5th Wave has started!

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China Fishery has started the 5th Wave, normally the biggest wave of an Elliott Wave. The  retracements are very well fitted in this Fibonacci Retracement.
Wave 1 & Wave 2: Retracement from 100% level to 61.8% level
Wave 3 & Wave 4: Retracement from 123.6% level to 100% level.

Will Wave 5 & Wave A retrace from 150% ($1.638) level to 123.6% ($1.433) level, before moving to 161.8% ($1.729) level? This pattern may help me to make some money.

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Review of Key Indices Patterns

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DOW JONE INDUSTRIAL
 
 

  • DJI is still on the uptrend as the chart pattern shows the index is still having a higher high, lower high.
  • 10297 is a critical resistance and DJI has to break this resistance to confirm the uptrend is still intact.
  • 9916 is a critical trend support. If DJI breaks this trend support, the next critical support level to watch is 9710. If DJI cannot stay above 9710, it is confirmed that DJI up trend has ended and may start the down trend.

 

 S&P 500 (SPY)

 

  •  S&P500 appears to be forming a Double Top. Critical support is at about 105 (projected up trend support level). If SPY breaks below this trend support, SPY may be sent down to about 100 level.
  • 110.1 is the critical resistance.

 

 NASDAQ COMPOSITE

 

  •  NASDAQ appears to be forming a Head & Shoulders. If NASDAQ falls below 2041 (neckline) and stay below this level, H&S pattern is confirmed and may send NASDAQ down to 1893.

 

 Straits Times Index (STI) 
  • STI has a similar pattern to S&P500, forming a Double Top.
  • Critical uptrend support level is at about 2630. If STI breaks this support, the index may go down 2496 level.
  • Critical resistance at 2743.

Base on the chart patterns, DJI, S&P500, NASDAQ and STI probably will be bearish for the next one or two weeks. The market direction may be predicted depends on the patterns confirmation.

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