Confirmed Uptrend
The STI has not only jumped clearly above the top line of the correction channel, it has also gone above the resistance level set by the top of the recent Subwave x (red). This confirms that an uptrend is in place. The next resistance level will be the top of the next Subwave x (brown). These two resistance levels are shown by the two horizontal blue lines.
It is possible that the current wave has reached its top to complete Wave 1 or Wave i of the uptrend. It should then pull back to form Wave 2 or Wave ii, possibly getting support from the top of the correction channel.
It would be wise to wait for Wave 2 or ii to fully form before entering the market. Wave 3 or iii should be a strong wave providing significant upside.