However beware of the massive FNL pitchfork, the CL of which is located above our target (at the 9068 in the daily chart) at 8950 in the 240 min and below. Either of these important levels could cause support & a further topping wave upwards lasting weeks before another attempt lower. A break of the first level of 9060 looks likely..... look at previous price behaviour on the blue FNL pitchfork centre line. I have spent many years studying these FNL pitchforks (and their reaction lines) of which I am the only exponent and consider it one of my most important discoveries. You would be foolish to ignore the effect FNL pitchforks have on price just because its not part of Andrews original material....but hey, it's your choice.To draw an FNL pitchfork you choose a significant low ( for an upsloping PF and the reverse for a D/S PF), then ( but not always) the end of the first impulse wave immediately after the change of trend upwards and finally use the most recent low. Add the MT4 PF tool to draw the RL's and you should see the wave not only nicely disected by warning and reaction lines but definatively showing you the next sup/res reaction lines to be encountered.
OK, back to the markets and as I have said we have nowhere to go but down and 5 mins with the charts and a few downsloping pitchfork can give you a clue and no one really knows the magnitude of any forthcoming wave but and if you want my view and appraisal then get the free PDF weekly report on equity markets just fill in the form here http://commodity-analysis.co.uk/Free_Trial.php.
If you do not know what you are looking at how can you understand price action...look at these screen shots all taken while the market was at 8990 within a few seconds of each other...look at the lines location ( especially the thick blue CL seen in the FNL fork discussed above) change in each shot....