Upward
The hope was well-founded. The STI did indeed form an impulse wave. It is now forming the Minor Subwave iii (black) which is likely to top at around 3203. This level makes the height of Minor Subwave iii to be 161.8% of the length of Minor Subwave i (black). 1.618 or 161.8% is a Fibonacci ratio. This is the common ratio of the two waves, but can sometimes be exceeded.
After Minor Subwave iii, the corrective Minor Subwave iv and the upward Minor Subwave v will follow. These five minor subwaves together form Subwave iii (red) which is a component of Wave 5 (red).
A good time to enter the market is to wait for the corrective Minor Subwave iv (black) to finish, so as to ride the Minor Subwave v up. Minor Subwave v (black) is likely to be at least the same height as Minor Subwave i (black).