STI Analysis -- the next peak and trough ? (79)

Continued from STI Analysis -- the next peak and trough ? (78)

STI-N

Primary Wave 5 Ongoing

STI rebounded from the low of 2420.84 on 20th Oct 2020 and closed 2578.68 on 6th Nov 2020 inline with global markets tracking the development of the outcome of the US Presidential Election.  So, with the latest "strong" rebound has the correction finally ended on 30th Oct 2020 ?

Based on the previous wave count which is labeled in blue in the chart above, it does seem Primary wave 5 has ended.  However, there are several questions being raised in this wave count.  

The above is generated for the so-called Primary wave 5.  One can see that Intermediate wave ((iii)) is only 97.2% of Intermediate wave ((i)), that is shorter than wave 1.  Only 2% of the time this case has happened.  Since Intermediate wave ((v)) is even shorter than Intermediate wave ((iii)), there is no Elliott Wave rule violation (wave 3 cannot be the shortest of the waves) BUT with only 2% occurrence, this is definitely a very rare case.  As such, it is better to be on the cautious that this wave count that is STI has finally bottomed might not be the correct one.

Next, look at the red label in the above chart, the Primary wave 5 (blue label) can be counted as Intermediate wave ((iii)) of Primary wave 5 with Minor wave (i) to (v) replacing the Intermediate ((iii)) to ((v)) of the blue label.  With is case, the rebound since 30th Oct 2020 is actually the Intermediate wave ((iv)) and the last leg down Intermediate wave ((v)) yet to come.  This case has an invalid point that is STI 2707.67 -- the peak of Intermediate wave ((ii)), should STI able to break above that level, this will invalidate the red label and probably the blue label is the correct one.

With a possible alternative, at this moment, the blue label -- STI has finally bottomed CANNOT be conclusive.

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