Counter waves of 3 waves versus 5 waves

In elliot wave principle, the complication always happens in the counterwaves, because it is in counterwaves that creates all sort of variation in a single chart.


Fig 1 STI Daily chart

Looking at the STI Daily chart, it seems that it is heeding the command of the penant formed, gapped down half way to its objective. At the same time, this created the 5th wave of the downward pattern. I was hoping for a 3 wave pattern earlier with the penant possibly broke down, It happened a few times already and I some time doubt the use of the penant. If it had been a 3 waves down, then we are likely to see a rectangle or triangle formation for the couterwave, thing would not be that bad then.

However, the fulfillment of a 5 waves pattern indicate a higher possbility of a zig zag movement with B wave having a "abc" movement followed by a C continuation.This means that the objective is even lower. As such the support level I mentioned in my last entry is becoming more significant.