Wedge formation?

Fig. 1 STI Daily Chart

Finally, after my trip to Sydney, my service provider is up again and I am quite happy with the download. So I get to see an update on the chart again.

There is been quite a few development since my last update. First the chart momentarily penetrated the trend resistance where I obtained my resistance of 2,513. It went as high as 2,534 yesterday only to retreat back below the trend line at 2,505 today. However, does this mean that my wave count has been wrong?

While this is a possibility, I feel that STI is not yet out in the clear yet. It may be a good news in the breaking of the trendline. The STI is also forming an upward wedge(between 2 green lines which form its envelope), giving indication of it coming down with possible target of 2,313.

The length of time at which both RSI and stochastic stay on the top also call to question, they are in fact turning downwards. So there is a higher chance of South migration. For the time being, I would still steer clear of Singapore market until I see a better sign given to me. At present, the support @ 2,476, resistance 2,519.