It’s time for our Monthly Update again!
As you guys know, I was in HK and was stuck during the typhoon. Glad to back in one piece.
From the previous update on STI – you can refer to the previous post, all of you knew that I was expecting either an attempted breakout followed by a correction, or a pullback.
The attempted breakout, followed by a correction did occur.
As for DJI & S&P, the pullback did not occur and a breakout ensues. I did adjust my positions and profited from the breakout. The dynamics have changed and you should take a look on my outlook going forward.
What is going to happen next?
- A pullback to 2700 – 2750 region
- Form a higher low, which may signal a trend change. We need to wait for the market to provide a confirmation signal.
Either way, you should not short and be on a lookout for buying opportunities.
DJI and S&P
Both charts are in tight consolidation and are in my favourite movement phase. After a period of consolidation, it will generally break explosively in either direction.
What is going to happen next?
This is simple. Wait for the breakout from consolidation and open position in that intended direction.
Those who have any questions or need any help, feel free to leave me a comment. Cheers!
Stock Portfolio on $10k Challenge
It has been an amazing run since I started the $10k Challenge in February. Up 30% so far.
Hope you guys have been enjoying the Monthly Updates and I look forward to seeing all of you in the market.
As of 4th August 2016
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