Subwave i of Wave 3
Subwave iv (brown) appears to have completed and the STI is now progressing upwards in Subwave v (brown). According to the Elliott Wave Principle, Subwave v is frequently the same length as Subwave i. Thus Subwave v (brown) should end at about 3043. The five brown Subwaves, i, ii, iii, iv and v form the larger Subwave i (orange) as shown in the chart. What follows will be a corrective Subwave ii (orange).
It would be wise to lock in some profits early next week and then re-invest after Subwave ii (orange) has completed, to take advantage of the rising Subwave iii (orange).
There is a probability that Subwave iv (brown) has not ended and could stretch out more sideways. In any case, Subwave v (brown) will follow, going upwards.