Deep Dive
Just as I had feared, the STI took a deep dive today. It plunged well below the support zone. The prognosis is bad. The fall was substantial, there was a gap and the close was in the bottom half of the intraday range. All these point to a continuation of the fall next week.
From the chart it can be seen that the intraday bottom today was at a 50% retracement of Wave 5 (red). 50% is a Fibonacci ratio, so there is a probability that the correction could have ended today. Let us hope so.