STI 03/07/2009

There seems to be a lot of fear in the markets. Personally, I will not be worried until the long term uptrend line is intact. The prices are way clear of the green uptrend line. New down trend might begin if the trend line is breached.

I see a bullish inverted scallop forming. The pattern will be confirmed once the price breaks the recent high of 2424. The estimated target will then be 2697.