Adjustment
The STI dropped this whole week. The intraday low today is above the top of Subwave i (red) as it was labelled last week, but very close to it. Thus this week’s wave is unlikely to be Subwave iv. I have adjusted the wave count to reposition the end of Subwave i (red), as shown in the chart. A close inspection of the index bars of this Subwave i reveals that all the bars had higher and higher intraday lows. Thus the wave structure could rightly be considered as an impulse wave. Thus it would not be wrong to count it as Subwave i.
The wave structure this week would then be Subwave ii (red). I have tentatively labelled the end of Subwave ii, although it is not certain yet that it has ended. There is still a probability that Wave 4 (red) has not ended, but the probability is low. When the STI crosses well above the top of Wave 3 (red), we will have confirmation that Wave 5 (red) is currently forming and that Subwaves i and ii are its component subwaves. I hope that Subwave iii will form next week, which should be a strong upward impulse.