Impulse Wave
The STI turned around on Monday and is forming an impulse wave. The bottom last Friday marked the end of corrective Wave C (red). It is unusual that Minor Subwave v (black) is not the orthodox bottom, ending higher than the end of Minor Subwave iii (black). However this truncation is validated by the impulse wave that followed, which has two gap-ups to date. The truncation is caused by the eagerness of the STI to rebound. I expect the upward trend to continue, although with little corrections along the way.