Singapore - The Straits time index has fallen in 3 waves so far, and if it rebounds the low will be wave (b) of an expanded flat. An expanded flat is a pattern where the corrective bounce has 3 legs and the second leg goes to a new low but is corrective in nature. In terms of Fibonacci ratios it ends at either 123.6% or 138.2% of wave A. In this case the blue line marks 138.2%. So if Singapore stocks rally from here then wave (c) of B usually does 161.8% of A and that goes to 3392. The alternate is to mark the fall from the July high as i-ii-iii-iv, in which case it should not go up much more than what it has done today. 3180 is the 20dma as the key resistance level if the bearish case is to remain.