Correction / Reversal ahead?

Today is quite an uneventful day for me, all my department projects are in progress and I am eager for some Engineering satisfaction. While the projects are running very smoothly, I kind of having a sense of insecurity. It is like something will always go wrong. At present, the most important thing is timing. While market is still not as great, the component lead time is stretching and in short run there is no remedy to fix this.


Fig 1 STI Daily Chart

Meanwhile, the stock market today is in a sea of RED, literally, everywhere is falling!!!!! Actually it is not that bad today, STI for instance only dropped 17 points by the end of the day. However, the indicators are telling that it is due for a correction, if in Eliott's term, counterwave. I believe that this is the 5th wave and while it would climb to its peak, there is still a need for minor correction from time to time. The candlestick is also providing clue of a reversal pattern, known as engulf, it will need tomorrow for confirmation.

As I look at RSI of STI, it is turning south from the top for both 14 and 5 days. However, there is no show of divergence, yet.