Continued from STI Analysis -- the next peak and trough ? (21)
The failure of STI to breakout from 3340 meant STI still in Minute wave 2 (P3I5M1M2). This has a potential downside of 3238 for a 61.8% Fibonacci Retracement. However, looking at the volume on a down day, a 78.6% Fibonacci Retracement to 3211 look possible too. Anything below 3211 raise the possibility of invalidation of Scenario 1 and 2.1. The above is the optimistic view of Elliott Wave count of STI.
The above chart is the pessimistic view for Elliott Wave count of STI. The is the Scenario 3 which was first mentioned in STI Analysis -- the next peak and trough ? (IV) and highlighted again in STI Analysis -- the next peak and trough ? (18). This is the case when STI still in the correction phase which started end ......
