All the wishing was in vain. The STI met with resistance at the 3194 level for the fourth time and is now heading lower. It appears now that Minor Wave Y (black) will be a triple correction wave, consisting of a flat (Little Wave a), a zigzag (Little Wave b) and Little Wave c will be another flat. That should complete the corrective Subwave ii (red). The STI should then form the Subwave iii (red), going up to break through the resistance.
If uncertainty in markets continues to be strong, the sideways movement will drag on, with the STI forming another Minor Wave X (black) followed by a Minor Wave Z. Sigh!