As expected, the STI continued to drop over this holiday-shortened week. There appears to be some support as shown by the blue horizontal band in the chart. However, in the Subwave z (orange) structure, the Minor Subwave c (brown) is still shorter than the Minor Subwave a, so there is potential for Subwave z to fall further down, perhaps to 2400 or 2450. It is also likely for Subwave z to extend further sideways into mid-August. We have to be patient.