Further Down
As I feared the STI fell further down these last couple of days and appears to be heading down towards the Fibonacci 78.6% retracement level. The gap down was so severe that the momentum carried it well below the usual 61.8% retracement level.
Predicting the bottom of a correction is always difficult. We must wait for confirmation wave action in the STI to have some confidence that an uptrend is on its way. As the STI is still in a down trend, it would be premature to say what would be a confirming upward wave action.