Strong Uptrend
As I had hoped, the STI surged up this week. It formed Minor Subwaves i and ii and Minor Subwave iii is shooting up. Today it closed near the top of the intraday range which means that it should continue upwards next week. These minor subwaves form the initial part of Subwave iii (red). True to the Elliott Wave Principle, third waves are strongly uptrending waves. Also, Subwaves i and ii (red) form the initial part of Wave 3 (red) as can be seen from the chart. We can look forward to a strong bull run ahead.