In the last review I said "Considering the observations on weekly/monthly charts the possibility of significant bottom formation at recent low of 1475 is bright; However in the near term the existing rally is likely to be terminated anywhere between 1900-2000 with possibility of retesting 1680-1620".
As expected, the STI topped out at 1933 & fallen within the anticipated range. But the major difference is that, earlier I was expecting a confirmation for major reversal in 1680-1620 range. However looking at the daily price structure, expanding triangle formation (with "b" leg of the triangle has retraced 0.618% of "a" leg; the current fall could be "c" leg, which may retest the recent low) the possibility of bullish implication is ruled out, at least till seen close above 1770-1785.
On the weekly charts, value of the lower end of the parallel channel stands around 1400-1370 for the next 1-3 weeks. Will it test? If the "expanding" triangle scenario unfolds then "Yes". Lets see.
