What wave is STI at?

Fig 1 STI Daily Chart



Fig 2 STI Weekly Chart

I saw at CNA forum today on a discussion on STI. Jest101 argued that we are not yet completing the A wave while some others argued that we have completed the wave and is in B wave.

Looking at Fig 2, I feel that we are in wave 4 or some sort. Now the calculation of wave 4 is normally 0.382 to 0.5 or 0.618 of wave 3. So with the size of wave 3, wave 4 should target between 1,935 to 2,107. If this is so, assuming a complex 4th wave ( wave 2 seems relatively simple ) we may be @ a wave of a abcde wave count. Then the measurement would be 0.382 of wave 3, which should be 2,107 still.

However, it is still early to tell how this guy is going to move yet ( at least for me ). Interesting thing is that it moved very fast to try and close the deal with the triangle but with still a little more to go. I was quite surprise that it gapped up.

What I am see in the immediate phase is that STI's indicators are both peaking, it may still move up but I suspect side trending for short term. With the gap created, it may want to cover before moving on. If we use the gap measurement, there is a tendency that STI will reach 2,500 in this run.

The resistance for STI is now @ 2,451 with 55 EMA supporting @2,426 and 89 EMA @ 2,437.