Stockmarket Rally Running Out of Steam ?

I saw the article on Businessweek, "Asia 'Top' Shows Stock Market Rally Is Over: Technical Analysis ... " and it prompted me to check the STI Index.

I put the 100% Fibonacci at the peak in 2007 and the 0% at the bottom in Oct 2008 and guess what?

The market seems to have bounced of the 61% line in Jan '10 and is on the downtrend. Looks like now is not the time to go long.