The STI continued upwards, so I have maintained the wave count shown in my previous blog on 25 March. This has required me to make an exception in labelling Subwave iv (brown), which is the first time to do this in my years of applying Elliott Wave analysis. But it should be noted that there is a low probability that the STI will turn downwards and form a new bottom below the current bottom at 2208.42. Then the current bottom labelled as Subwave v (brown) will be Subwave iii (brown). Let us see.
The uptrend now appears to be slowing down, so the STI could make a correction next week. Hopefully you have not expended all your bullets during this uptrend. The correction will provide more buying opportunities. Many stocks are at or near the top of their respective Subwaves i or iii and will face corrections with Subwaves ii or iv respectively.
One last point to note. Although the uptrend now is steep, it is not necessarily the beginning of an impulse wave. It could be just a steep correction coming out of the crash. If you look at the monthly chart below, you can see the steep correction (arrowed) after the 2007/2008 financial crisis. It was actually the beginning of a prolonged sideways correction. As the COVID-19 pandemic and consequential effects are going to be long drawn out, we could see a similar long sideways movement after the initial recovery. Anyway, I have tentatively labelled the uptrend as Subwave i (brown), leading to a corrective Subwave ii perhaps next week.