Wednesday 1 October 2008

Technical Analysis by Ajith


We were expecting the STI to head down to 2200 and for the DJIA to head down towards 9500-9600, regardless of whether the Paulson bailout plan went through. The overnight 778 point is NOT a crash. We still expect further downside to the DJIA towards the 9500-9600. We attach an earlier wave count on the DJIA, which explains the basis.

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