Continued from STI Analysis -- the next peak and trough ? (86)
STI hit an intra-day high of 3,028.44 on 5th Mar 2021, exceeding the high of 3,017.15 on 21st Jan 2021 and that has a serious implication of the wave count so far.
The implication is that there is a rule violation of wave 2 cannot exceed wave 1. That invalidated the previous wave count. Majority of the people thought that the worst was over in March 2020 and current upward movement is the start of the new uptrend. Since, the previous wave count is invalidated doesn't mean it is necessary STI is indeed doing a new uptrend. In Elliott Wave principle, there must be continuity and no conflict in all degrees (down from SuperCycle, Cycle, Primary, Intermediate, Minor, Minute to Minuette). As such, re-looking at the whole picture again.
Above is STI performance from 1980 to 2017....