FTSE STI closed at 3,413.69 for the week ended 25th Mar 2022. With past 3 weeks of advanced after dipping to a low of 3,128.06 due to the concern of the Russian-Ukraine war. Such a movement probably drew more optimism from investors.
Magenta -- STI Positive
As mentioned in previous analysis, for this wave count, STI is doing a leading diagonal for the Intermediate wave ((v)) of Primary wave 1. The low of 3,128.06 is confirmed as the Minor wave (iv) of the leading diagonal. The mostly observed characteristic of the leading diagonal is for wave 4 ot overlap wave 1 happened in this case as shown in the above chart. The upward movement since the rebound from 3,128.06 is none other than the Minor wave (v) of the Intermediate wave ((v)). A...
