Possible Bottom
The STI dropped further this past week. I have again adjusted the wave count to make Wave z (red) a zigzag, instead of an extended flat. For a flat, the tail is too long, although the 3-3-5 structure is maintained. This shows the challenge of counting corrective waves on a live basis. Unlike motive waves, corrective waves can morph into many varieties, as they develop.
The whole Wave 4 (red) correction is a triple combination Wave wxyxz, consisting of a zigzag, flat and zigzag.
Is a bottom in sight? Taking the Elliott Wave Principle guideline (not rule) that the two legs of a 5-3-5 zigzag is about of equal length, the second leg is currently about the same length as the first leg. It would be exactly equal if the second leg has dropped to 3268 as shown by the horizontal line. But there does not appear to be strong support at this level. Instead there is strong support at 3200, as can be seen by the bars in the left side of the chart.
We have to wait and see.