Let's try to balance the bull and the bear.
A scary chart for the bulls in the log scale.
This is a chart on the log scale. In this chart, it would probably signify that the bear rally has ended.
Yet, we can also have a chart for bulls in the linear scale.
This second chart shows a possible target of 29xx as well for STI.
Then again, be it bull or bear, the risk/reward ratio isn't very high. Comparing 400 points gain v.s. an expected 1100 points loss in terms of EW count, it would be prudent not to load much of any new holdings for the long term.