Singapore STI from October 2007 peak to March 2009 low consists of 5 waves, the March 2009 low has to be major wave A. The rebound since the low has to be major wave B that has 3 waves. The main question now is whether the wave B has been completed.
After reaching a high of around 3310 in November, STI has been moving horizontally within its upper resistance of 3310 and lower resistance of 3120. In the next few days if STI moves lower and goes below 3120, then the November closing high of 3305 is the end of major wave B as shown above, it also means the major wave C has started.
However if STI continues to move higher in the next few days to above 3310 with high volume, a possible wave count is as shown above. The next surge is mini wave iii of sub-wave (iii) of wave 3 of major wave B, the wave iii of (iii) of 3, it has to be very dynamic with no hesitation. Under this circumstance, STI will be able to trend upwards until end of 2011. This also means that Dow will also be able to zig-zag upwards until end of 2011. I hope I can draw a conclusion on its next direction within the next 5 trading days.
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