As mentioned earlier in STI Elliott Wave Count --- wave 2 or wave 4?, it seems very clear now that it was wave iv, and wave v has already commenced, perhaps already ended.
Given that wave i took about 3 days, and wave iii was very long, wave v would most likely be ending soon, or perhaps already ended.
This is Minor wave 1 of Intermediate A wave. On commencing wave 2 of A, we would likely start to see traders starting to declare that the bull is still intact, and that 3000 will be broken. That will not happen, else a recount is required.
From wiki, edited for the bearish:
Wave 2: Wave two corrects wave one, but can never extend beyond the starting point of wave one. Typically, the news is still good. As prices retest the prior highs, bullish sentiment quickly builds, and "the crowd" haughtily reminds all that the bull market is still deeply ensconced. Still, some negative signs appear for those who are looking: volume should be lower during wave two than during wave one, prices usually do not retrace more than 61.8% of the wave one losses, and prices should rise in a three wave pattern.I highly doubt my pennies in red will be able to go green, but at least with this count, I know it's certainly not time to look for bargains, but to be patient and wait for 3 intermediate waves (A-B-C) to be near their end.
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