It does appear that the rally still has some more legs to go; we are still halfway through the 5th wave.
If the above is true, then wave (iv) should be complex since wave (ii) was simple. That means, we might have a flat or a triangle in the works.
We might really just proceed towards the STI 61.8% retracement level between 1455 and 3906. That means, the 296x region.
Have to see how it goes. Perhaps the stagnancy I expect from STI could be playing out as the wave (iv), with the final wave (v) playing out in Jan 2010.
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