Supplement: Second Rally Attempt
The STI made a second rally attempt from yesterday. The strong rise up today seems to confirm that the STI has bottomed out on Monday. The wave count is adjusted accordingly as shown in the chart above. However I should point out that there is still a probability that this is a dead cat bounce, i.e. the STI could turn downwards and form a new bottom. The problem is that the intraday high on Friday 20 March was not higher than the intraday high on 19 March, although it was close. Thus the uptrend on Friday was technically not Subwave iv (brown). So the wave count in my 23 March blog would still be valid. But the uptrend these two days has been so strong that I cannot ignore the possibility that the STI has bottomed out. Perhaps things will clear up in the next couple of days.