Struggling Up
The STI dropped early in the week and went up later, with slightly higher intraday highs. So the labelling of the bottom of Subwave iv (brown) is shifted a bit. The last couple of days is in an uptrend, albeit a slow uptrend. This uptrend would be Subwave v (brown). So the wave count is still valid, according to the Elliott Wave Principle, and I’ll keep it as such for now.
The worry remains as to whether the STI is really in recovery, due to the unimpressive Subwave v under formation and the fact that the STI is still within the overall correction zone, as can be seen in the chart. Wave z (red) could be dragging out into a wxy structure, making Wave C (brown) a combination wave with two wxy legs.
I’m getting ahead of myself. But my fear may be justified as the US markets could be heading into a crash.