So where will this technical rebound (or so I believe) stop? So far, from the GMMA, if the red lines were to touch the green lines again, we could see STI retest 2800 again. However, for STI to close with a hanging man on the 100MA, we might start to see a mini correction soon.
To confirm, I looked into the hourly Elliott Wave count from Yahoo Finance. Indeed, a 5 waves structure has formed, as can be seen from the picture.
Looks like correction imminent, after which, a possible larger rally to 2800? Let's see how it goes.