The pull back for STI after hitting 3192.88 on 3rd Dec 2018 wasn't something unexpected. The pull back should have some more downside to go to around the 3078 level and it does look very possible next week given STI closed 3111.12 on 7th Dec 2018. This is because considering STI is developing into a 3rd wave extension of 3rd wave pattern as shown in the chart below.
The 3rd wave is the M3 wave and its extension is the 5-wave pattern of its lower degree, the Minute degree (m1 - m5). The pull back STI is doing now is the m2 corrective wave. For this pattern to be valid, the current pull back should not fall below 3007.31 while a drop below 3047 (the 78.6% Fibonacci level) could be an ...
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