Continued from STI Analysis — the next peak and trough ? (39).
On a bigger picture, there isn’t any change to the wave count of STI but on at lower level in particular the Minor degree, there appears to develop an alternate scenario.
The above snapshot was from the previous analysis whereby STI is now in Minor wave 3 with target to be 3633.006. This wave count so far still remain valid as no Elliott Wave rule violations were found. The only suspicious thing is the sub level Minute degree wave count. Should this case be valid, the Minute degree wave count should be doing Minute wave 2 correction with possible target to be around 3105 (61.8% Fibonacci retracement from 3286.08). However, the time line for this scenario appears to be getting a bit long for a Minute degree. This result in an alternate scenario for Minor degree. The above is