Some Uncertainty
The STI is showing some weakness and hence uncertainty is creeping in. The index has dropped further, requiring another revision to the wave count. There are two possible wave counts, one pessimistic and one optimistic. The pessimistic count would be that the STI is still in correction, and is moving sideways.
I am taking the optimistic count, which is shown above. It assumes that the STI is now forming Subwave iii (brown), which would be an impulse wave with five Minor Subwaves. Minor Subwave i (orange) has formed and Minor Subwave ii (orange) has perhaps completed. The next step is for Minor Subwave iii (orange) to be formed upwards.
We have to see how this plays out.