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Watch out for 3080 to hold

STI dropped 12 points today but do not fear as it is due to relatively light volume. No direction to take from as Hang Seng, our big brother, is closed for the day. Look for friday close to be above 3080. By then, the trendline will be broken together with horizontal support. Take some profit off the table if possible. From the Elliot wave pov, we might be hitting wave 5? Pardon my guess as EW is not my specialty.

CCI is turning down showing divergence, our first clue if market is going to turn. Our indicators are getting flat and do watch out if they starts to exit from the oversold region. We have been quite over-extended from the recent run up from 2920. It will be good for the bear to take a break before continuing its uptrend. 3040 is another important support to watch out for.

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