Trouble with Wave Count on STI

As the title suggest, I am having some issue with wave count on STI. This is not the first time I make amendment to STI's wave count, and I am looking forward for this to be the last.

The trouble with wave count on STI lies in its not very clear representation on the counter waves.


Fig 1 STI Weekly Chart

The first problem is the development between July to November last year. It is a counterwave but the extend of time needed to complete this wave makes me feel that it is a 4th wave. The other issue is the development between January to May 2010. This is a major counterwave. However, base on record, it is common to have the B wave overshoot A. The magnitude of the move is definitely greater than the 4th wave mentioned earlier.

I sense something wrong with the count but it does take the latest move of STI for me to further convince me with a recount. The latest move is a 5 wave pattern that goes higher than previous peak, this should not happen in a counterwave.

So after the recount, the scenario is much better. Now it shows that STI is on the 5th wave. Base on Fibonacci projection, it should meet resistance at 23.6% Fib projection @ 3,297. The support would be its previous high of 3,037.