STI Analysis -- the next peak and trough ? (70)

Continued from STI Analysis -- the next peak and trough ? (69)

STI-N

After topping at 2839.39 on 9th Jun 2020, STI fell for the next 3 sessions to hit an intra-day low of 2609.03 on 12th Jun 2020.  The drop affirms the formation of Minor wave (a) of Intermediate wave ((c)) of Primary wave 4 as shown from the chart above.  The ongoing drop is the Minor wave (b) of Intermediate wave ((c)) of Primary wave 4.  The question now is when this Minor wave (b) will end.

The above is generated by the Correction Calculator on the Intermediate wave ((c)).  The intra-day low of 2609.03 as noted was 65.9% Fibonacci retracement of Minor wave (a).  Given the guideline that a typical zigzag pattern for wave B can retrace between 38% to 79% of wave A, the Minor wave (b) could have ended on 12th Jun 2020.  However, from the chart above, focusing on the portion of Intermediate wave ((a)), a zigzag in the Minute degree was clearly seen for the Minor wave (b).  Thus, the low of 2609.03 might not be the end of Minor wave (b) of Intermediate wave ((c)).  The Minor wave (b) could dip up to 80% (for a zigzag pattern) which from Correction Calculator is between 2540.96 to 2572.41.  Hence, STI could be seeing a little short rebound (1 to 3 days) to form that zigzag before ending lower than 2609.03

The duration for each wave is detailed in the above chart with Intermediate wave ((a)) = 18 days (4-5-9) and Intermediate wave ((b)) = 27 days (longer as it was a triangle pattern).  So far, Intermediate wave ((c)) as of 12th Jun 2020 is on its 10th day.  Intermediate wave ((c)) could complete between 18 to 27 days, 10th day into it is like 1/3 or 1/2 of it has formed.  The present drop to be Minor wave (b) definitely very reasonable.  If the estimation is not wrong, by end of next week Minor wave (b) should be ended and another probably 2 weeks later shall see the end of Intermediate wave ((c)) -- Primary wave 4.  After that, shall be the final and ugly drop of Primary wave 5.

Knowing where Primary wave 4 will end has no meaning unless one is trying to trade the index or waiting to get out (be it in profit or cut-loss) for those who were being caught during the sell down in Feb to Mar.

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