FTSE STI closed 2,821.70 on 11th Dec 2020 since the rebound from a low of 2,420.84 on 30th Oct 2020. Despite that 16.56% rebound, STI still entrap in Primary wave 4 after completing Primary wave 3 at 2,208.42 on 23rd Mar 2020 and it could still be in Primary wave 4 when year 2020 ends.
From the chart above, STI still in Intermediate wave ((c)) of the Primary wave 4. The dip after hitting 2,920.55 on 25th Nov 2020 is the Minor wave (b) of the Intermediate wave ((c)). How long more to go for that ? Well from the pattern perspective, a zigzag structure doesn’t look like completed. From time frame perspective, Minor wave (b) is currently into its 12th day. Compared to the Intermediate wave ((a)) in which that Minor wave (b) took 27 days to complete, it does look like STI probably need another 1.5 to 2 weeks to complete it. With that trajectory, STI could be completing Primary wave 4 either in January or February 2021.