Supplement: Recovery?
This is a quick supplement to show a possible recovery by the STI. The sharp uptick today could signal that Subwave iv (red) has completed and we are seeing Subwave v (red) starting. However there is a probability that the STI could dive down again, possibly reaching 3215 which is the common 38.2% retracement level of Subwave iii. 38.2% is a Fibonacci ratio. Such a retracement is not an Elliott Wave Principle rule, just a common occurrence. We will have confirmation that Subwave v has started when the STI rises above the top of Subwave iii at 3299.64.