ST Engineering: Elliott Wave C Down

ST Engineering rebounded and looked like completed Wave B after rejected at 20D SMA and 61.8% FR resistance at about $4.00. Watch next few days to see whether ST Engineering trade below $3.90 and $4.00. If yes, Elliott Wave C in action with support $3.59 (recent low) followed by the 161.8% FR target of $3.00.

2013June22-ST Engg-800x600

See previous stock chart analysis on ST Engineering here.

This Post Has 4 Comments

  1. student

    kk, am thinking of going into short st engg soon. what are your views? wondering if you see the same thing as me.

  2. student

    yes i do see the rising wedge. almost to the end of the wedge already.

    but then again according to elliott wave that you taught us, the high of the current wave should not touch the previous high, so i am getting ready any time now. actually, i even view today’s harami as a possible trigger to enter (although i dont know if you would feel this is abit aggressive trading).

  3. Marubozu

    Today candle is not harami. It has to be a bearish candle to form a bearish harami. I understand that you are very eager to trade. It is a common human nature when you can see a clear pattern. But a safer entry point to wait for a breakdown from the Rising Wedge support. Also take note that ST Engineering can go higher to form a Double Tops.
    I hope you start to feel that “emotion” part of the trading, testing your patient, testing your discipline whether you are following rule, testing your control of greed/fear.

    Enjoy the journey!

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