Real Uptrend?
Here we go again. The STI is attempting to form an uptrend again, The down tick today has defined the Subwaves i and ii (brown) with Subwave ii likely to go down further next week. The typical retracement for a second wave is 61.8%. So perhaps Subwave ii will stop at the 61.8% line (at about 3172) as shown in the chart, and then Subwave iii will form going up. If the STI goes below 3135, then Subwave c (brown) and Wave Z (red) are still forming, making the correction more severe.