Primary Wave 5 Ongoing
STI rebounded from the low of 2420.84 on 20th Oct 2020 and closed 2578.68 on 6th Nov 2020 inline with global markets tracking the development of the outcome of the US Presidential Election. So, with the latest “strong” rebound has the correction finally ended on 30th Oct 2020 ?
Based on the previous wave count which is labeled in blue in the chart above, it does seem Primary wave 5 has ended. However, there are several questions being raised in this wave count.
The above is generated for the so-called Primary wave 5. One can see that Intermediate wave ((iii)) is only 97.2% of Intermediate wave ((i)), that is shorter than wave 1. Only 2% of the time this case has happened. Since Intermediate wave ((v)) is even shorter than Intermediate wave ((iii)), there is no Elliott Wave rule violation (wave 3 cannot be the shortest of the waves) BUT with only 2%