Still Down
As I wrote in last week’s blog, the STI is still in a down trend. It is likely to go further downwards next week. There is a remote probability that it will end near the end of Subwave a (brown) at around 3188. But it is an Elliott Wave Principle guideline (not a rule) that the length of Subwave c (brown) will be about the same as Subwave a (brown), which will bring the STI down to about 3100.
Hopefully it will not be further down than that.