Going Strong
The STI continued its steep rise. Although it closed today about 9 points lower, the intraday range today had a higher high and a higher low compared to yesterday. So it is still in the uptrend. I put in the label Subwave 1 (red) for information, and not indicating that the wave has topped. This is a new impulse wave, as the previous impulse wave in blue has completed, having formed the five component waves which are the Major Waves in blue. The strong performance of the STI may be attributed to expected higher GDP growth and net institutional fund inflows. A word of caution: In the current global volatile market largely driven by chaotic US policies, the STI’s continued uptrend is not guaranteed.