For the downtrend wave to reverse, the major downtrend line stated in the chart (started from August) have to be broken. It looks like at around 2800. Currently, the inverse H&S formation looks like going to form. This is a bullish formation but it needs further confirmation. For example, it breaks the neckline of 2905 or breaks the major trendline. At immediate short term, it has not broke the 10DMA of 2723. Any rallies may just be a short term rebound.
Capitaland
Currently, Capitaland still refuse to break $2.54 even Dow Jones rallied 293 pts yesterday. This price is the short term 10DMA. So i feel that the rally is not strong enough. Personally, i will only buy it as near to $2.35. The risk will be lesser. Another point of entry will be the breaking of $2.54, the formation of inverse H&S may happen.
This is just my point of view, Joe. You may have a different view.
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