Continued from
STI Analysis -- the next peak and trough ? (46)In the previous analysis, 2 scenarios were mentioned STI-2 and STI-N.
STI-2
STI-2 describes STI has completed an Intermediate degree wave 1 forming a leading diagonal pattern. The Elliott Wave Degree Calculator as shown in the last analysis is reproduced as followed
An interesting point is the calculated value of Intermediate wave 2 is 3112.08 and STI hit an intra-day low of 3110.51 on 31st May 2019. So is 3110.51 the bottom of the current correction ? From data perspective it does appear so but if looks into the pattern of the Intermediate wave 2 correction, it is a different story.
Pattern wise, no sign of a A-B-C structure was observed and as such, it is impossible to call for a bottom at the moment. There might be a rebound coming to form the B wave before resume the last...
