Supplement: Alternative Wave Count
The STI has been creeping up since 4 Dec 2019 with a lot of choppiness, a “melt up” that is typical of a counter-correction wave. As an exercise I have analysed the waves and come out with an alternative wave count that accounts for the uptrend. This count complies with the Elliott Wave Principle rules. Inspecting all the brown and green subwaves: Wave iii is not the shortest compared to Waves i and v; Wave ii does not go below the start of Wave i; and Wave iv does not end in the territory of Wave i. The only characteristic that is not satisfactory is the slow progression of the current subwaves which, when completed by Subwaves iii, iv and v (brown) will form Subwave iii (red). Hopefully Subwave iii (brown) will suddenly jump up in a steep manner which will give credence that the STI is forming an impulse wave. Subwave iii (brown) is a wave 3 of 3 of 3 which should appear to be almost vertical in the chart.
I’m just indulging in a thought exercise for fun. More in tomorrow’s blog.