STI closed 3269.90 on 22nd Feb 2019 on track with present analysis that it is in Minor wave 3 or to be exact SuperCycle wave 3, Cycle wave 3, Primary wave 3, Intermediate wave 1, Minor wave 3 (S3C3P3I1M3).
After updating on the latest events in wave count, the following will be slightly different from what was being presented in STI Analysis -- Recap 2018 & Looking Ahead 2019. In that version, the value was started from Cycle degree but the latest will be started from SuperCycle degree with the bottom of 1205.31 in 2003 as the end of a previous SuperCycle wave C (or the present SuperCycle wave 0). Thus, the peak of 3906.16 in 2007 is SuperCycle wave 1 and the bottom of 1455.47 in 2009 is SuperCycle wave 2. Present is SuperCycle wave 3.
Those values highlighted in yellow were the actual happened values. This clearly shows STI is now in S3C3P3I1M3 with an initial target to be 3633.006.
The above is the snapshot of what was being generated of the Minor wave 3 (from 2993.42 to 3633.006). The Minute wave 1 is 3279.46 and STI just hit a recent high of 3286.08. That could potential be the actual Minute wave 1 and should that be the case then the difference between actual vs calculated is -0.20%.
The above snapshot is assuming 3286.08 is Minute wave 1 and to ensure that is valid in term of Elliott Wave count, the only way is to look at its sub-level -- Minuette degree to see whether there is 5-wave structure.
As it is Minuette degree, the movement could only be view by hourly or lower level on the chart. The above is the hourly chart of STI from 2993.42 to 3286.06. Clearly, a 5-wave Elliott wave structure could be seen without any Elliott wave rule violations. By putting those values into the Degree Calculator (Sub Wave 1) in the above snapshot. The Golden Ratio as indicates is 0.617 : 0.383 which is roughly the de facto 0.618 : 0.382. This could be vital in suggesting 3286.08 is Minute wave 1. What STI going forward will experience Minute wave 2 correction. Since the upswing from 2993.42, STI has yet to have a wave 2 type of correction so far (one that retracement typically 61.8% Fibonacci ratio). An occurrence would prove the validity of the existing wave count and probably the last buying opportunity. Despite the short-term uncertainties in the Minute and Minuette degree, the bigger picture picture of the wave count from Minor to Intermediate to Primary to Cycle to SuperCycle degree remain valid.
