Uncertainty
The STI went upwards in the past holiday-shortened week. It could continue upwards next week. However the downside risks are still high. Based on the wave structure it looks to be more probable that the STI will go down some more before Subwave ii (red) ends and Subwave iii (red) starts to form. I have done the wave counts for Subwave ii (a combination corrective wave) for those readers who may be interested. Subwave ii started with a 3-3-5 flat, which is Minor Subwave abc (black). This is followed by Minor Subwave x, a linking wave. The second part is still developing.