Although it seems that Wave 4 (red) formed a bottom two days ago, that is rather optimistic. Today the STI closed near the intraday low with the momentum likely to push it further down next week. The two peaks labelled X are a double top and the STI has gone below the neckline of the valley, indicating more downside to go. The silver lining is that there is a support zone shown by the blue rectangle. The weak US and China markets are adding to the downward pressure. Gloomy days ahead!