(Updated
14/3/99) Although last Monday's STI performance was rather disappointed (after the spectacular rally of Dow Jones on 5/3/99), the market continued to do its catch up work on the last three days of the week and is now moving closer in value to the regional markets. This week's STI performance will be crucial to determine if we are indeed heading towards the magic figure of 1,650-1,700. Expect market to continue moving up and that any correction will be well supported at 1,430 level. In order for the STI to continue moving up toward 1,650 level, it must close above 1540 on the coming Friday, failing which may force us to re-examine our view later. I think we are quite likely to achieve the minimum target of 1,540 by Friday, for I believe Dow Jones is still at its strong bullish mode and that a break of 10,000 historic mark looks highly likely in this coming week. If market continue to move up, we may expect the electronic and 2nd liners to do their catching up this week and that they could probably turn out to be the star performance for the week. It looks to me that we have now completed wave (B) of ((B)) and is now going through wave (C) of ((B)), which is expected to be in a form of 12345. We may have gone through wave 1 and 2 of wave (C), in such case wave 3 will be very strong and should carry STI to a new short term high above 1580. However, in order to achieve that STI must move convincingly above 1540 for the coming week. Alternate count, suggest that we have just completed Wave (2). A completion of Wave (2) will follow an impulsive Wave (3), which again will be very strong. So, whether it is a preferred count or alternate count, both suggested that we are still in this coming week.
Events To Watch For The Coming Weeks/Months
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