Crossroads
The STI received support at the blue band but it is now at a crossroads. One scenario is that it is forming Subwave c of a Wave abc counter-correction (not labelled). At the end of this Subwave c, the STI will resume its downward trend and will go below the blue band, as stated last week.
The second scenario is that the STI is forming Subwave iii of an impulse wave, with five subwaves, i to v. These subwaves will form Wave 1 of the impulse wave, and it will continue to rise steadily with Waves 2, 3, 4 and 5.
Given the current poor market sentiment, the first scenario is more likely. So it would be wise to take profit at the end of the counter-correction, before the STI takes a deep plunge.