Still a Diagonal
The STI went down a bit further over the week and today had a relatively large uptick with a gap up. The wave count has been adjusted, moving the end of Subwave 4 to the lower low. The diagonal is now divergent instead of convergent. The uptick today gives confidence that Subwave 4 has bottomed. We expect the continuation of Subwave 5 next week which should have three subwaves.