Ignoring the fact that we're looking for the inverse, I'll lay out the exponentiation-by-squaring answer to getting $34^{429}\bmod 431$, for reference.
The process is to square a running product repeatedly, interspersed by multiplying by $34$ as required, taking numbers $\bmod 431$ throughout the process. The idea is that we build up the exponent of our running product by factors of two until reaching the target exponent of $429$.
Perhaps the easiest way to relate to this process is to look at the binary representation of the exponent, $429_{dec} = 110101101_{bin}$ We will increase the exponent by taking successively more from the left hand side of this binary representation, $1\to 3\to 6\to 13 \to 26\to 53\to 107 \to 214 \to 429$, either squaring alone for a simple doubled exponent or square-and-multiply to get to the odd exponents.
\begin{array}{c|c}
\to exp & prev & prev^2 & [\times 34] \\ \hline
1 & 1 & 1 & 34 \\
3 & 34 & 294 & 83 \\
6 & 83 & 424 & - \\
13 & 424 & 49 & 373 \\
26 & 373 & 347 & - \\
53 & 347 & 160 & 268 \\
107 & 268 & 278 & 401 \\
214 & 401 & 38 & - \\
429 & 38 & 151 & \color{red}{393} \\
\end{array}
The requires handling numbers potentially up to $430^2$ (and then taking modulo $431$). By judicious use of negative values the limit could be brought down to $215^2$ (for example, $34^6\equiv 424 \equiv -7$ so $34^{12}\equiv -7^2\equiv 49$). A simple calculator was sufficient here to complete the tableau.
429
and takes the modulus% 431
at each step of the computation. – Weather Vane Aug 21 '17 at 20:53