Supplement: Deep Correction
The STI suffered a deep correction today, plunging about 39 points. It has dropped below the 61.8% retracement and is near the next Fibonacci ratio which is 78.6%. This is a rare retracement amount but is valid. If this support does not hold, the STI could drop to the bottom of Wave C (red) at 3041.29 or lower. If this happens, then Subwave i (red) will be invalidated. The whole structure after Wave 5 (red) would be a correction. It may even turn out that the whole structure after Wave 3 (red) from April 2021 onwards is actually Wave 4 (red).