Continued from STI Analysis -- the next peak and trough ? (112)
FTSE STI closed 3,394.21 on 27th Jan 2023 edging up since the start of the year.
Magenta -- STI Positive

As mentioned previously, this scenario presents 2 possible wave counts.  With STI moving towards the previous heigh of 3,466.23, this does look like the wave count bias towards the case 2 in which STI is in Intermediate wave ((v)) of Primary wave 1.  However, do note that case 1 (STI is in Primary wave 2 doing the Intermediate wave ((b)) ) is yet to be invalidated.  Even though STI moves above 3,466.23 going forward, this still yet to invalidate case 1.  This is because in EW corrective wave, there is a structure called Expanded Flat (3-3-5 pattern) whereby the wave B terminates beyond the starting level of wave A, typically 123.6% of wave...