Supplement: Subwave iii?
Today the STI rose significantly. Another look at the retracement shows that Subwave ii (brown) retraced 50% of Subwave i (brown). While a 61.8% retracement is most common for Subwave ii, a 50% or 78.6% retracement occurs frequently. All these retracements are Fibonacci ratios. So it is likely that Subwave ii has bottomed out and Subwave iii (brown) has started upwards.
We have to wait for price (index) action to confirm that the wave is Subwave iii. Confirmation will arise if and when (a) the STI rises up steeply and (b) it rises well above the top of Subwave i at 2561.37.