Strong Uptrend
Choosing the optimistic wave count last week was the right decision. These last two days the STI had strong upticks with a gap. The Minor Subwave v (black) is in formation, but is nearing completion to form Subwave i (brown) which will be the beginning of Wave 1 (red). While I remain optimistic, there is still the thought that with so much uncertainty in markets, the STI could soon plunge down and the current formation would be an extension of Wave Z (red).