The STI gapped down on Monday, then gapped up today. It has formed an island reversal which is bullish. I had expected Subwave C (brown) to go down further, typically down to about the same level as the end of Subwave A (brown) which is about 2956. There appears to be strong upward support which has shortened Subwave C. However, because of volatility, there is no guarantee that the STI will not turn down again. So we should just sit and watch.