The Vulnerable Bulls

The Greece problem not yet fixed, now it's the Italy's turn. Dow dropped 389.24 to closed at 11780.94 last night, more than 3% drop. How low STI can go for today? A nice level to expect would be 2780, 78 points down from yesterday close, which is the neckline of the inverse head & shoulder pattern, also the 38.2% Fibonacci level( 100% at 3190, low is 2523).