Wave 4 Correction
STI is forming its Wave 4 (red) correction. This is likely to fall by 38.2% of Wave 3 to 3424. When Wave 4 is completed, Wave 5 will rise. It is an Elliottwave Principle rule that Wave 3 cannot be the shortest of Waves 1 and 5. Wave 1 (red) is very long and Wave 3 (red) is 220 points long. So it can be concluded that Wave 5 will not go beyond 3644, if Wave 4 ends at 3424. This is based on the current wave count as shown in the chart. If Wave 3 (red) is extended, which is likely given that Wave 1 (red) is very long, then the uptrend will be extended significantly.