The STI has corrected from a high of 3,688 to a low of 2,962 before staging a minor rally. However we are not out of the woods yet.... 
STI Weekly Chart – Possible Head and Shoulders Formation? (Click Picture to Enlarge) Looking at the STI weekly, we can see a potential head and shoulders pattern being formed, a very bearish price pattern. The left shoulder and the head is already evident. We now await the development of the right shoulder. This could take weeks. Major support can be found at the neckline at around 3,000. If this support breaks, downside target for STI would be around 2,200. This is the severity and bearishness of the head and shoulders pattern.
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