Uptrend
The STI was up for the first four days of this week. It closed down today, but by less than one point. The index had a higher intraday high and a higher intraday low compared to yesterday. Thus the uptrend continued on today. I have tentatively labelled the intraday high today as the end of Subwave iii (red). Subwave iii (red) may not have ended today and the uptrend could very well continue next week.
After the end of Subwave iii, the corrective Subwave iv (red) will start downwards, followed by the up-trending Subwave v (red). These subwaves in red form Subwave iii (brown).
Thus we can see that there is a lot of upside potential, if the wave count is correct. However US markets are getting rather shaky and could push the STI down substantially, requiring me to revise the wave count. Let us hope not.