Wave Count on STI

Among the things I have learned on Elliots Wave, one really stands out, that is a B retracement can be higher than A, and that 4th wave cannot lower than 2nd wave means the lowest point of 4th wave cannot be lower than the lowest point of 2nd wave, not the beginning of 2nd which is the end of 1st.


Fig 1 STI Daily Chart

Now doing a recount on STI, the congestion is a 4th wave even though it is inclining upward. It bounced within the restricted boundary of a relative flat with 5 points of contact, further more, all the minor waves within are of counterwave patterns, meaning "abc", so the whole setting is a counterwave by itself. I would consider this officially 4th wave.

My expectation of a wedge earlier broke down and it went up (just like the time 2004). If I consider the the validity of a slightly inclined flat, the measurement of its target is around 3,004. Presently, it is resisted at 2,972 and supported at 2,810.