Continued from STI Analysis — the next peak and trough ? (63)
The wave 4 didn’t start after STI hit 2309.9 on 19th Mar 2020 but instead went further down to 2208.42 on 23rd Mar 2020 before staging the rebound.
2208.42 definitely pierced through the generated value of 2276.751 from the Fibonacci Calculator for wave 3. This is nothing wrong as 2276.751 is the 161.8% Fibonacci ratio only and with it at 2208.42, this gives a Fibonacci ratio of 171.8% that all.
So, the question now is the rebound STI was having presently — wave 4, is it Primary wave 4 or Intermediate wave ((iv)) ?
Above is the STI chart showing the 2 possibilities — Primary wave 4 (Purple) or Intermediate wave ((iv)) (red). The detail wave count for lower Elliott wave degree from 2015 to 2019 were omitted to make it less messy.