Optimism
The STI had a strong intraday high today fuelling optimism that a steep uptrend has begun. Subwave iii is a subwave of Wave 3 (red). It is typical that a third wave of a third wave is very steep and high. However there are strong global economic headwinds and uncertainty in markets. We can have greater confidence if and when the STI rises above the top of Wave 1 (red).