Supplement: Failed Rally Attempt
The rally attempt by the STI last Friday was not followed through today. Instead the STI gapped down rather drastically. The failed rally attempt has made the outlook become more bleak. Below is the monthly chart which may give us an idea of the next support level. The current Major Wave C (pink) is likely to complete near the level of the bottom of Major Wave A (pink). So the next support level is 1455.47, as shown. Let us hope that the recovery will occur well before that.