Falling
Just as I feared, the STI has formed the third minor subwave of Subwave c (orange) and is going down. How far down will it go? The possible Fibonacci levels are still shown in the chart. The most likely structure is that this will be an extended flat and Subwave c (orange) will be a downward impulse wave with five subwaves. This would mean that the STI will plunge down to the 61.8% retracement level at about 3440.
The silver lining is that the STI will rise sharply thereafter, offering buying opportunities.