TL431 Problem in SMPS circuit

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Yes you're right, there is a mistake somewhere. Maybe the +5V is supposed to be +3V, or maybe the bottom of the TL431 is not connected to ground. I can't see where that wire goes.
 
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    baby_1

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If I understand right, you are referring to the circuit in post #18.

It's correct to analyze it as a comparator (with 2.5V threshold). But it's output is open collector and unlike a regular comparator it misses an independent supply voltage. So positive saturation implies "open" output and negative saturation 1.9 V.
 
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