19 July 2019

Wave 3 Starting?

It appears that Wave 2 (red) has completed and Wave 3 (red) is starting with Subwave i (not labeled). The revealing sign is that there is a small gap up today. This is what Jeffrey Kennedy of Elliott Wave International calls a Breakaway Gap which occurs in Wave 1 of an impulse wave.

However the high reached today was 3379.50 which is below the top of Wave 1 (red) which was 3381.73. We need to have a strong uptrend next week to verify that the STI is starting Subwave i of Wave 3. Then the uptrend should continue strongly, extending above the top of the correction channel shown by the blue parallel lines to confirm that the STI is forming Wave 3 (red).

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