Strong Uptrend
The STI broke out strongly after the Chinese New Year holidays. There was a gap up which is characteristic of a third wave. The uptick each day was progressively shorter, indicating loss of momentum. However, the close today was near the intraday high. This is a sign that there is more room to go upwards next week. After Minor Subwave iii ends, Minor Subwave iv will form, going sideways. This will be an opportunity to take some profit and to rebalance the portfolio.