Alternate Counts Update
First we look at Chart A above. You can see that Subwave 2 (brown) has dropped significantly. What if next week it drops further to below the start of Subwave 1 (brown)? This is at 3699.77 which is the point marked by the red label 4. It is an Elliott Wave Principle that a second wave cannot go below its first wave. If that happens, the count will be invalidated. But for now the count is valid.
The wave structure appears that the STI has topped. Thus I have presented yet another alternate wave count which is underlined. This shows that instead of Subwave 1 (brown), it would be Wave 5 (red) that has topped. Thus Major v (blue) has topped and Major Wave 3 has topped. (You can see that Major Wave 3 started in early February 2024 when Major Wave 2 (blue) bottomed.) Instead of Subwave 2 (brown) we have Wave C, which may or may not have completed. In this alternative, if Wave C drops below 3699.77 the count remains valid.
Now we look at Chart B below. Subwave 4 has dropped significantly which is unusual for a fourth wave. A second wave drops significantly while a fourth wave usually goes sideways, but this is an Elliott Wave guideline and not a rule. So this count remains valid unless Subwave 4 falls below 3699.77. This is likely to happen next week.
