Lets Start Large and Move Smaller:
1) There is a very large Adam and Eve in play with a neckline at 11.6k and Eve is playing out
2) The large downtrend line is the yellow, we are not going to gradually just roll through it so a reset in price and consolidation of the strength/momentum indicators needs to occur
3) An is occurring as we need to create the tip of the right shoulder
4) Small Adam and Eve just played out with . It completed within $10 of it's target price so it is due for correction.
5) The correction to 7500 would be from a breaking down, test of resistance turned support, resetting of to 50 for next leg up and also would be the completion of the with a right shoulder above the left which would be very .
6) Break of the and the Long-Term Downtrend line would occur at the exact same time at 8.2K and would be extremely and we would likely go to 9.4k quickly. I see this happening with huge as the iH&S and Long-Term downtrend line will need the for a break which is why the reset of momentum indicators and a retest of 7.5k is needed.
7) Slight correction from 9.4k to reset again and finish out the Long-Term Eve pattern at 11.6k.
From 11.6k I will reassess before then as I am not sure if we will be ready to break the larger A&E yet.