Subwave iii Forming
As expected, the STI continued to drop early this week. But it found support at the Fibonacci 38.2% retracement and rebounded these last few days. It is possible that the index could turn down again to form a bigger correction, perhaps heading to the 61.8% retracement level. Let us hope not. Confirmation that it is truly a Subwave iii (red) wave will be when the STI rises above the top of Subwave i (red).