My doubts about the upturn have been justified. The STI has turned down. Because the recent upturn had three subwaves, it is a corrective wave and is now labelled an x wave. Thus we see that the huge down trend that started in May this year consists of a double zigzag, with Subwave w (red) as one leg and Subwave y (red) as the other, and now potentially adding a third leg with Subwave z (red).
Jeffrey Kennedy of Elliott Wave International stated a guideline that a wave structure that can be enclosed within parallel lines would be a corrective wave. You can see from the parallel lines in the chart above that this is the case.
My blogs on 19 and 26 Oct (in my Blog archive) expressed the fear that the STI could plunge to 2850. Subsequently I tried to be positive, but now my fear has been revived.