Supplement: Uptrend
This is a quick supplement to correct my previous analysis. Instead of plunging deeply, the STI rebounded by quickly ending Wave 2 (red) and is now forming the subwaves of Wave 3 (red). The wave count has been revised. The current Subwave 3 (brown) has a large gap up which validates its count. The STI closed today near its intraday high and is expected to continue to climb further.
It would be interesting to look at the Weekly Chart.
The Weekly Chart shows that the STI is in the process forming Subwave iii (brown) which is equivalent to Subwave 3 (brown) in the Daily Chart. There is equivalence in the other Daily and Weekly waves and this further validates the daily wave counts.