Continued from STI Analysis -- the next peak and trough ? (68)
STI-N
The rebound from 2489.94 on 29th May 2020 should confirm STI has completed Intermediate wave ((b)) and started on Intermediate wave ((c)) of Primary wave 4. As shown in the above chart, Intermediate wave ((b)) is a triangle pattern with the part (e) doing the typical overshoot.
Above is generated by the Correction Calculator to find the possible ending value of Intermediate wave ((c)). Before that, there are some statistics that could be used to further affirm the wave count. The above Correction Calculator indicates wave ((b)) is 39.2% of wave ((a)). According to Elliott Wave guideline on the Zigzag corrective pattern the followings are stated :-
1. Wave B typically retraces 38 to 79 percent of wave A 2. If wave B is a triangle, it will typically retraces 38 to...