4 October 2019

Wave 2 Extended

Wave 2 (brown) has extended further, retracing down to 78.6% of Wave 1. 0.786 is also a Fibonacci ratio, but such a retracement is less common than 0.618. Obviously the downward pressure is very high. As I said, if the STI drops below the start of Wave 1 at 3040.16, the wave count will be invalidated. Now, the probability has declined to 50:50 that the current structure is an impulse wave and not a corrective wave.

Keeping our fingers crossed …

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