Disappointment
The optimism has proven to be unfounded. The STI has dropped down quite drastically. Although the wave count in my previous blog is not invalidated yet, the wave structure now looks more like a large corrective wave. I have changed the wave labels accordingly. It is quite usual that counting corrective waves can be quite challenging as they can morph and extend unexpectedly. The outlook now is that the STI will continue to drop as shown in the chart.
Keeping my fingers crossed …