Continued from STI Analysis — the next peak and trough ? (XVI)
Above is the chart of STI as of 25th Jun 2018. Nothing special has happened despite the drop to an intra-day low of 3246.92. However, there are several questions I presume trying to know where the bottom is. Thought I’ll use this update to clarify these doubts.
- The 38.2% Fibonacci Retracement at 3265, the 50% Fibonacci Retracement at 3157 are just guidelines of where STI could possible end for this Intermediate degree Wave 4 correction. They are NOT rules of Elliott Wave. Guidelines mean they happen most of the times that all. Hence, STI as of now has hit 38.2% Fibonacci Retracement level and that doesn’t mean it will not go down further to hit the 50% Fibonacci Retracement level.
- As Intermediate degree Wave 2 correction …