Continued from STI Analysis — the next peak and trough ? (60)
Finally, with STI at intra-day low of 2772.70 on 9th Mar 2020, 2955.68 broke and that will invalidate this scenario due to EW rule violation.
The overall wave count for this scenario has not changed with STI firmly on its way to complete Cycle wave (Y) thereby ending SuperCycle wave ((2)). The 2 sub-level wave count (Red, Purple) at this moment still remain valid.
Red Wave Count
The margin of correctness has narrowed down to either the 150% or 161.8% Fibonacci ratio as shown above. Present situation is not just about Covid-19 but also concern of crude oil crash (again!). While crude oil crash can be attributed to human error in which the market should be able to eliminate said risk once the mistake is acknowledged and rectified but this is not the case for Covid-19. Thus, at current STI level, the