 (Updated 21/3/99)  N.B. Above Chart is abstracted from Metastock Program Last week STI index continued to under perform as compare to other regional markets, such as Nikkei and Hang Seng. In fact the market was rather quite and boring, without much activities throughout the week. This has lead us to wonder what is happening to our market? Why is our market so quite while Dow Jones, Nikkei and Hang Seng had gone through a wild ride. Some say it was due to our corperate results season? Some say it was due to the worry of Dow Jones crash? And some say it was due to the coming Indonesia election or could it be the February non-oil export figure? Anyway, whatever reasons could be, the true is that our market has been telling us that we are still facing a lot of uncertainties in our economy, political and social environment. These need to be resolved before any up surge in our market. Last week we did mention that if by Friday STI did not close above 1,540, it may force us to re-examine our view. STI was traded at a narrow range last week and indeed close below 1,540 at 1,473. We feel that the internal strength of the market has been eroded badly over the week, it is now getting more and more difficult to go across 1500-1550 level, not to mention the magic figure of 1650-1700. We expect the market to continue its lethargic manner in the early part of the week and stay within the range of 1430-1500 level on consolidation while waiting to move one way or another. If STI break below 1425, it could probably signal the end of this mini bull run. However, if Dow Jones manages to stay above 10,000 on closing, and that Nikkei continues to up surge towards 16,500 on corporate window dressing, as well as Hang Seng upmoves towards 12,000 level, than STI could be encouraged to break the 1,500 psychology barrier and move up. But then, it would probably be capped at 1,580 before a major down move coming into play. 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), and is now in the process of completing wave 3. Expect market to consolidate over the coming week to form wave 4 before a final wave up towards 1,580 or above. Alternate count, suggest that we have just completed Wave (2). A completion of Wave (2) will follow an impulsive Wave (3). So, whether it is a preferred count or alternate count, both suggested that we are still in an uptrend for the coming week, until 1,425 is broken.
Events To Watch For The Coming Weeks/Months
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