STI Expanding Diagonal?

I see a lot of bearish views lately. But has STI really picked? Was it really a mini wave 3 downwards? Only time would confirm our counts. But for now, STI could still be in the 5th wave.

Before more waves are uncovered, I wouldn't put my 100% (or rather, 80%) in this. Contrarian approach seems to suggest to me that I should remain bullish instead of getting bearish. Based on this, STI would be tracing an ending expanding diagonal. An example of such an ending expanding diagonal has been shown by Frost and Pretcher.

The million dollar question remains....

Has STI reversed it's bullish trend? Or is STI tracing out this expanding diagonal? Only time would tell.


But before going deeper into waves count, classical Technical Analysis shows that STI has broken down it's rising wedge:

In addition, CCI is at a low, %R is low, MACD (lagging indicator) has crossed down for some time.... STI is also below the lower bollinger band... All these are hinting to me that a rebound is likely coming in this coming week...

Expanding triangle? Or wave 2 upwards anyone?