7 August 2018

Strong Uptrend

The STI jumped up strongly today. It went higher than the top of Subwave b (brown) which was at 3341. I had previously said that this will affirm that the STI is in an uptrend. However, the STI closed today one point below 3341, so we need another day for the STI to continue upwards to give us the confidence that the uptrend is in place.

It should be noted that Minor Subwave iii (orange) which is under formation, is part of Subwave iii (brown). It is typical that a wave iii of iii is a strong and extended wave. It certainly looks like this is the case.

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