Revised Wave Count
The wave count of the current uptrend has been revised as shown in the above chart. From a helicopter view, it can be seen that the uptrend consisted of only two main waves, a rising Wave 1 and a corrective Wave 2. However, inspection of the daily bars does not seem to support the Wave 1 count. I turned to the 2-hour chart of the STI to inspect the details, and arrived at the wave count as shown in the chart below.
The 2-hour chart confirms that indeed we have a Wave 1 and Wave 2, although it is not certain that Wave 2 has completed. Pending further wave development, I shall accept this wave count for now.