STI Technical Update

Perhaps we have already entered the downtrend.

A recap of the A-wave downwards (assuming it's an A wave after 5 waves up) taken from wikipedia:

Wave A: Corrections are typically harder to identify than impulse moves. In wave A of a bear market, the fundamental news is usually still positive. Most analysts see the drop as a correction in a still-active bull market. Some technical indicators that accompany wave A include increased volume, rising implied volatility in the options markets and possibly a turn higher in open interest in related futures markets.

And my chart:

While indicators looked oversold, they are only secondary to the primary indicators, which are the chart patterns and Elliott Wave counts for me.

If it is indeed a correction, I'm afraid the time frame wouldn't be a short one. Just have to be patient.