Continue from STI Analysis -- the next peak and trough ? (109)
FTSE STI ended the week 21st Oct 2022 at 2,969.95. With that value, there is some notable development in the STI Positive scenario.
Magenta -- STI Positive
Firstly, have to put Intermediate ((b)) of Primary wave 2 at 3,297.59 as current couldn't be still in Intermediate ((b)) due to the fact STI has broken down below Intermediate ((a)). As such, STI is now in Intermediate ((c)) of Primary wave 2. The potential direction going forward with the anticipation a simple zigzag pattern could be seen is as shown with Intermediate ((c)) or Primary wave 2 ending around the 61.8% Fibonacci Retracement level at 2,684.
Above is the Correction Calculator of the EW Calculator expected calculation of where Intermediate ((c)) could terminate. The range of between 100% to 161.8% as highlighted is possible end point. However, a 50% to 78.6% Fibonacci Retracement for Primary wave 2 would mean STI could fall to between 2,832 to 2,475. This would mean Intermediate ((c)) should be doing 123.6% to 161.8% of Intermediate ((a)). This shows that there is no conflict between the top-down and bottom-up Elliott Wave count.
Green -- STI Negative / Orange -- STI Negative
While there is notable development in the STI Positive scenario, it isn't the case for the STI Negative scenario. In this wave count, it is still waiting for the ending part of Primary wave A, which is also the ending point of Primary wave 2 for the STI Positive scenario. The part that going to differentiate whether STI Positive or Negative scenario is the correct wave count shall be the wave after Primary wave A or Primary wave 2.
Above is the overall picture for both the STI Positive and Negative scenario in term of SuperCycle, Cycle and Primary degree of Elliott Wave.
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