Supplement: Rally?
Yesterday the STI had a strong uptick. Today it rose with a gap up. These are signs of a developing rally. It appears that Subwave iii (red) is continuing to form. Minor Subwave i and ii (black) have formed and Minor Subwave iii (black) is in progress. There is still uncertainty in the market. However, investors who are prepared to take some market risk could start to pick stocks, especially if the rally continues tomorrow. More conservative investors will wait until the STI closes well above the top of Subwave i (red) at 3152.34.