Curious as to which wave we are in currently? Lets take a visit into the charts of STI...

we are currently in a channel, biased upwards. Bearish but relatively oversold with gap resistance at 1760, and supports at 1680 followed by 1640.

As seen from the monthly chart, we are in wave 4 entering wave 5. Have wave 5 started?
On the weekly chart, we can see the breakdown of wave 4. Is it completed?

Based on the overview above, I can say the downside risk remains to be high. Wave 4 might not be over but for now, the short term trend is still down. I do not see any reason to try bottom fishing in such a scenario but rather attack when the signs of running gets clearer. I will prefer to miss some profits rather than get stuck hoping the index is low enough.