Continued from STI Analysis -- the next peak and trough ? (104)
FTSE STI closed at 3,240.58 on 20th May 2022 after hitting a peak of 3,456.09 on 29th Mar 2022.
Magenta -- STI Positive

Based on how STI has performed since hitting the peak of 3,456.09 on 29th Mar 2022, it is rather unconvincing to believe for this STI Positive scenario wave count Primary wave 1 still yet to complete.  It's more likely that Primary wave 1 has completed at 3,456.09 and now STI is in Primary wave 2, the correction wave.  Wave 2 is normally known for deep correction with typically retracting a Fibonacci ratio of 61.8%.  The above circle region between 50% to 78.6% (2,832 to 2,475) is the high probability region in which Primary wave 2 could end.  So far, the lowest STI has hit for the past week is at...