Dow Futures -100 as of 8pm SGT. Europe has -2%
each, and computing for the net loss of Europe as of this moment,
Support of DAX, CAC and FTSE still intact and uptrend, Germany's Q1 2012
will decide this Wednesday if Market will hold or breakdown.
Elliot Wave Suggests that DOW is currently in Intermediate Wave IV correction of Major Wave 1 of Primary Wave III Bull Market. If this is indeed a correction and Intermediate Wave IV, expected end of selloff is around 12500-12750.
In Asia, Singapore was the first to breakdown of its important support at 2920, next stop is possible at 2750-2800. Next is Philippines, which broke down its strong uptrend/parabolic rally, supports at 5000,4850 then 4600. at 19.7 P/E, Philippines needs some break and long consolidation.WTIC Oil is also hovering on a sideways pattern and broke its strong short term uptrend line. Support should be around 92-94.
In Asia, Singapore was the first to breakdown of its important support at 2920, next stop is possible at 2750-2800. Next is Philippines, which broke down its strong uptrend/parabolic rally, supports at 5000,4850 then 4600. at 19.7 P/E, Philippines needs some break and long consolidation.WTIC Oil is also hovering on a sideways pattern and broke its strong short term uptrend line. Support should be around 92-94.
** Crossing my fingers that Germany will not enter recession this Wednesday.
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