Above chart shows a classic textbook case for a corrective wave (A-B-C) with respect to Fibonacci ratio. Now we look at STI chart from the beginning of Minor ...
...Continuous from STI Analysis -- the next peak and trough ? (IV)
Like mentioned in previous analysis (refer above link), STI rebounded on the week started 12th February 2018 as according to what Elliott Wave predicted. However, the pattern for this correction (corrective wave (ABC or WXY) for Minor degree or wave 2 for Intermediate degree) is yet to confirm. At the moment the possibilities are :-
1. simple zigzag (A-B-C)
2. simple flat (W-X-Y)
3. triangle (A-B-C-D-E)
4. combination -- double three, double zigzag, etc (W-X-Y)
IF we are treating this correction as a simple zigzag and the development so far (till 19th February 2018) somehow match this pattern very closely and resemble that of a classic textbook pattern.
