More To Go?
As I feared, the STI has dropped further. It had another dead cat bounce earlier this week but dropped with a gap downwards today. It appears to be getting support at the 2955.68 line. But I am not sure. The labelling shown in the chart is tentative.
Based on an Elliott Wave Principle guideline (not a rule), the length of Subwave v is typically the same as Subwave i. This means that Subwave v (brown) will likely drop down to about 2875. As it is a guideline, this happens frequently but not always.
Please look at the Weekly Chart below. The next firm support is 2528.44, as shown. There is some weak support in the range from 2703 to 2740, but we cannot depend on this. Hang tight!
(Note: Please note that the colours of the labels in the Daily and Weekly charts are not coordinated. So B (blue) in the two charts are on different dates. The point B (blue) in the Daily chart is on 29 April 2019 and actually correlates with the point B (brown) in the far right of the Weekly chart. My apologies.)
