Significant Correction
The correction has turned out to be larger than expected. Subwave iv (brown) as shown in the chart may not be complete, but should get support as it nears the top of the correction channel shown by the blue line.
The hourly chart is shown below. There is high probability that the STI may dip further to the upper red dotted line. This is the 50% retracement of Subwave iii (brown). A lower probability is that it may dip to the 61.8% retracement, shown by the lower red dotted line.
The current wave count will be invalidated if Subwave iv (brown) falls below the top of Subwave i (brown) which is at 3163.85.
We wait with bated breath and will heave a big sigh of relief when Subwave iv completes.