A follow up to the previous post of "Has STI Bottom ?", it should be confirmed that Elliott Wave 3 already started after STI broke the 2906 level last week. The Wave 2 retracement which was expected to hit between 2,680 to 2,770 didn't materialize as STI only pulled back to a level around the 2,800 level.  That doesn't mean it is invalid in Elliott Wave as the theoretical retracement level is just a guideline (which may or may not follow) rather than a rule.  The breaking above 2,906 last week also ascertained the completion of Wave 2 and STI is in Wave 3 of the uptrend and that is the rule. Previously, in the "Has STI Bottom ?" post I also drew in the bullish pattern formation of "Inverted Head-and-Shoulder" and "Cup-with-Handle" with both breakout point around the 2,900 level.  From ......