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.
China Fishery closed at $1.26 (a critical support level) with a hammer today (a trend reversal). Looking at a bigger picture, China Fishery is forming a nice Elliott Wave (in blue) and currently is probably ended with Wave 4, and the hammer may indicate the start of Wave 5 (the biggest wave).
Coincidently, a smaller Elliott Wave (in red) is observed and probably at the end of Wave C currently. This ABC retracement is approximately at 61.8% Fibonacci Level.
Base on the chart pattern and candlestick, plus the healthy correction, China Fishery will probably go on a medium term bullish upside.
I am very tempted to pick up some stocks this week after seeing some selling off. However, I changed my mind and decided to ENDURE and wait for the big correction. I have to be very disciplined for these two months.
The index will probably retrace back to 2220 points (61.8% retracement of full Elliot Wave 1- 5), ie. there is another 300 points to go! STI is really looking bearish, isn’t it? However, it is a good news for those who have missed the April-July rally. I am loaded, and I am ready to go!