Supplement: Alternative Count
The STI dropped substantially today. The large decline of Subwave iv (red) makes it likely to be an invalid wave count. Such a large drop is more typical of a second wave. I have hence amended the wave count to incorporate a Subwave v (red) that completed recently on 6 April 2022. You can see that Subwave v (red) has not ended higher than the top of Subwave iii (red). This pattern is called a truncated fifth wave. (See page 35 of Elliott Wave Principle). It often happens after an overextended third wave. Thus we now have a Wave 2 (red) forming, which is likely to reach the 50% or 61.8% retracement of Wave 1 (red).
I have also amended the end of Wave 4 (red), acknowledging that this wave covers the whole sideways movement from 7 April 2021 to 30 November 2021. Hence there was a top (marked 5) on 17 February 2022 and a bottom (marked C) on 8 March 2022.
I am presenting this as an alternative wave count. The previous wave count on 14 April remains valid for now.