Wave 1 Top
I have adjusted the wave count for Subwave v (red) as another minor subwave has emerged. There are now the proper five minor subwaves (in black) for Subwave v (red). The drop in the STI today has affirmed that Wave 1 (red) has formed a top. The question now is how far down will Wave 2 (red) drop. As I stated in my previous blog, the typical retracement of a first wave is 61.8% of its length. This is not an Elliott Wave Principle rule, but a common occurrence. Let us see and hope that something uncommon happens!