FTSE STI closed 3,244.55 for the week ended 25th Nov 2022. With that development, that has some changes in the wave count especially for the positive scenario.
Magenta -- STI Positive
The above is the positive wave count all along. However, due to the progress for the past few weeks, that has casted some doubts on the validity of the wave count. 2 questions were raised as shown in the above chart 1) Questionable Minor wave for Intermediate wave ((c)) -- the duration and height exceeded expectation 2) If Primary wave 2 ended at 2,968.92, the Fibonacci retraction is too shallow for a typical wave 2 -- 38.2% vs 61.8% As such, has to discard the above wave count and re-adjust so that the positive scenario still remain valid.
Above...
