Slowly Up
The STI continues to grind upwards. The slow progress is disconcerting. If the meeting between Trump and Xi JinPing reaches a positive outcome, the STI could spurt upwards, making it more characteristic of a Wave iii.
The integrity of the current wave count is still intact. We have to see how next week will turn out.
Addendum on 2 Dec:
I forgot to mention that the current structure has been relabelled. Last week’s chart is reproduced below for reference. It is evident that Subwave ii and Subwave iv are too disproportionate in size, but the wave count is legitimate and does not break any Elliott Wave Principle rule.
However Frost and Prechter discuss “orthodox tops and bottoms” and “the right look” in their book Elliott Wave Principle. Thus the label for the recent bottom has been shifted slightly to the right. It is not the lowest point, but it is the orthodox bottom as called by Frost and Prechter. The previous Subwave iv is now Subwave ii, removing the rather unbalanced “look” of the current uptrend.
The new and previous wave counts are both technically correct, as of now. We need to wait for further development of the current motive wave to see which one would be invalidated.