Continued from STI Analysis -- the next peak and trough ? (106)
FTSE STI closed at 3,181.34 on 22nd July 2022, up 3.55% since the low of 3,072.34 on 17th June 2022.
Magenta -- STI Positive
There is no change of wave count for this scenario, STI presently is in Primary wave 2 correction doing the Intermediate wave ((b)). While Intermediate wave ((a)) took 11 weeks to complete, that can't be said for Intermediate wave ((b)). A typical zigzag would roughly take about the same duration as Intermediate wave ((a)) to complete (6 more weeks to go). However, wave B is notorious for extending and moving sideway with triangular pattern or even a double-three combination structure. As such, it wouldn't be surprise should it take double the duration of Intermediate wave ((a)) to complete (17 weeks more to go). This is also the wave that will catch investors as the general psychological thinking of STI has hit the bottom at 3,072.34. Do think twice, wrong thrice should any analysts be it fundamental or technical starting to suggest buy using whatever data they could. Elliott wave is regretfully descripting their psychological behavior.
Green -- STI Negative / Orange -- STI Negative
If the positive scenario shows no sign of changes in wave count, these 2 negative scenarios will definitely show none too. After all in particular the Green -- STI Negative scenario is describing at a higher degree than the positive scenario. This is the reason why these scenarios are the silent killer
The above is the overall wave count for STI in the SuperCycle, Cycle and Primary degree level.
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