Wave Count Confirmed
This is a quick blog to advise that the current wave count is confirmed since Minor Subwave v (black) has gone above the top of Minor Subwave iii. The STI closed today near the intraday high which indicates that it has more room to go up. After Subwave 3 (brown) completes, Subwave 4 will form with a downward bias as Subwave 2 was mainly sideways. This is known as alternation between waves 2 and 4. It is generally true but not a hard and fast rule. According to the Elliott Wave Principle, the fourth wave is likely to retrace 38.2% of the third wave. This means it will reach about 3400 which is near to the bottom of Minor Subwave iv (black) which is a common occurrence.