Seems like the analysis I did on 7th Oct 2017 citing STI is in the wave 5 of the uptrend could be wrong.  With STI dropping below 3,4000 level today and its PE still nowhere near the bubble stage, it is rather difficult to convince STI is in the wave 5 of the uptrend.  As such, another analysis was done as shown in the following figure.

 

The above figure shows that instead of wave 5, STI probably just completed wave 3 with 3,468 as its peak.  As such, the current descend is the wave 4.  The different between the above and the previous chart is wave 2.  Previous chart I analyzed as having a triangular wave 2 but in this case it is just a pure simple zigzag pattern.  With that, it can clearly define the sub-wave i,ii,iii,iv,v of the wave 3 (purple line)….