I have returned from my vacation to see that Subwave iv (brown) has formed. The STI is moving up, forming Subwave v. These subwaves together form Wave 1 of the market recovery. On completion, a Wave 2 correction will form. The end of Wave 2, which will be the beginning of a strong Wave 3 upwards, will be a signal to consider entering the market.
However, while the current wave structure is that of an impulse wave, it can be clearly seen that the STI is still very much within the overall correction zone. There is still a lot of uncertainty in the market. We need to see the STI penetrate through the two resistance levels indicated by the horizontal blue lines to provide confirmation of the recovery.