Today's hot news was that Wave 3 is upon us and appears to be bigger than initially anticipated. So, relooked at the charts... charts that had predicted the Wave 2 spike in COVID-19 cases in SG in November 2020, which appeared in January 2021. (See attached links to related ideas below) And again on 5th March 2021, which gave heads up on a clear and present spike...
So... Technical analysis is not the orthodox tool for Pandemic infection monitoring, BUT it appears that IF we can look beyond the box, we can see more, and get ahead of the curve a little more.
This is the SECOND time the Singapore COVID-19 charts are giving us about 6-8 weeks heads up of an imminent spike in COVID-19 cases.
Much could have been done IF we...
DBS is very weak now. Having bounced off 25 twice in recent time, it failed to make higher highs, failed the 55EMA, and is likely to revisit 25.
MACD supportive of bearish bias.
Going for a bounce at 24.50, and to consolidate at 24 for deliberation of a possible major rally to 40.
1.92 very very important support zone
2.13 first resistance
Very low risk entry if price could go to 1.92 for a good long trade
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The risk of trading in securities markets can be substantial. You should carefully consider if...
There is key resistance area on SGS and harmonic pattern. Pattern isn't very good this time because the journey from C to D was very bouncy. Look for reversal and targets to hit B or break out up through resistance to target highs near 2000.
edit: You can choose lower X-point for the pattern and draw bearish butterfly with prz lining up with the same area.