No Bottom
The additional property cooling measures announced on Thursday evening caused the STI to crash below the 3200 support level today. It is now difficult to anticipate where the bottom would be, as the trade war between USA and China has started to compound market jitters.
In my blog on 15 June I expressed fear that Wave z (red) could morph into a zigzag, possibly falling to 3100. Wave z is now indeed a zigzag, and it remains to be seen whether it will drop to 3100.
The STI has wiped out gains made since April 2017. We can only wait and watch as the monsoon swirls around us.