Potential Downturn
The STI’s upside potential has weakened considerably. There is now a strong probability that Minor Subwave ii (black) will continue downwards. But the current wave count is still valid. It will be invalidated if and when Minor Subwave ii descends below 2380.84 which is the level of the start of Minor Subwave i (black). It is a rule in the Elliott Wave Principle that a wave ii cannot go below the start of wave i. We shall see.