Received this from my broker this morning:

Various reasons such as a crackdown in anti- specualtive meaures by Beijing
to Alan Greenspan's potential recession comments have been cited as cause
for the meltdown in markets. None of these are the actual cause of the
decline but mere excuses for investors to exit overbought levels. From a
Elliott Wave pespective, we had warned that both the HSI and ST Index had
potentially ended 5 legged moves and that declines were likely. Still,
we did not expect yesterday's carnage in the Singaproe bourse and were
looking out for a gradual pullback where selective non- index stocks
outperform. Yesterday's market action had proved us wrong in that respect.

ST Index- On 14th February, we published a report stating that a wave 5
move could be terminating near 3250, stating fibonacci relationships
between the various sub-waves. The index however extended another 60
points subsequently. However yesterday's decline pretty much confirms that
that a major top is in place. We also stated a break below a 19 day simple
moving average would be bearish. As at yesterday's close that level was
3222. Today's opening should see the index gap down below that level.
Today's decline will very likely be a wave 3 or wave b decline which could
bring the index down towards 3050-3070. That level is close to a 1 STD from
a long term 250 day moving average. Very likely, we could see a rebound
from that range. In the medium term, we could see a decline towards
2800-2850.