This bullishness was first detected during an EW recount earlier:
Then, with the updated count on 5th Apr, a target of near 3150 was estimated:
At the moment, the multiple MAs (EMA and DMA) are all pointing upwards, signifying more upside.
In fact, STI opened at the 5 EMA mark today:
Ladies and gentlemen, this is the 5th wave I had been talking about. The Bollinger Band hasn't shown clear signs of tightening for the end of this final wave. In fact, it has opened slightly wider, possibly suggesting greater volatility to come.
Since 18th March till now, MFI has started showing negative divergence. Stochastics and %R remains about constant at the overbought level.
All in all, as STI goes higher, the risks increases exponentially as well. Although I don't see any immediate need to liquidate all equities, it would be prudent not to enter rashly at the moment.
As usual, caveat emptor.