Straits Times Index (towards yellowline). Straits Times Index (FSSTI) should face resistance near 2,680 and pullback towards at least 2,480. We still maintain that view. The index, which was extremely overbought then, corrected 158 points from a high of 2,700 to 2,542. A minor rebound has thus far brought the index up to 2,648. We see this as a counter-trend rally and expect another leg of decline. In our previous reports, we stated that a wave 5 up move was likely and labelled the breakout from the triangle as a wave 5. There are, however, alternative interpretations which we would highlight as the index unfolds. Meanwhile, we believe the index is due for another correction, which should bring it towards 2,480 (+/-1%).
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