Crossroads
The STI is at a crossroads. There are signs of recovery from the uptick in the last two days, but the trend looks like it is still down. In the chart above I show the two possibilities.
If the downtrend continues next week, we shall see the STI continuing down the trend channel (in blue) and falling towards 3040.16 which the end of Wave w (brown) or perhaps further down to 2955.68 which is the end of Wave A (brown).
The alternative, as shown by the ALT line, is that the STI is forming a large impulse wave, having reached a bottom as indicated by the label C, then continued with Waves 1 and 2, and Subwaves i and ii, to be followed by Subwave iii upwards as shown by the dotted arrow.
Perhaps next week the direction will become clear.