FTSE STI closed 3,251.99 on 18th Aug 2017, up 12.89% YTD. In the previous analysis (STI Analysis on 12th May 2017), I mentioned that STI was in wave 3 of the up wave started from February 2016 and from the performance of the past few days, STI could be starting on the corrective wave 4 already.
In the analysis dated April 2016 (What's Next For STI ?), an expected termination point for wave 3 according to Elliott Wave analysis is 3,392 and the recent high for STI was on 27th Jul 2017 clocking a close at 3,354.71, a mere 37.29 point short off the target. In addition, looking at the chart below, a mini wave i,ii,iii,iv,v seem to have completed on the wave 3. Another reason to support the current down is wave 4 is the alternate nature of wave 2 (being a triangular ......
