Possible Bottom
Today the STI could have reached bottom, having formed all the five Minor Subwaves of Subwave 5 (black). If not, there is support at 3040 as shown in the chart. Once it is true that a bottom has been reached, the STI should rise strongly upwards.
However, it would be unwise to jump into the market too soon. Given the global economic issues threatening a recession, the STI could rebound and then decline again. The rebound would be an X wave and this would be followed by another corrective wave. Thus Wave C (red) would be a combination correction extending deep down.