I was intrigued by your theory, now the first resistance was broken, but so far price remains unchanged. A couple of weeks from now we wil have much more info to see how likely above scenario is. I expect the green like that was just broken will become resistance now.
I'm now inclined to think we've hit our peak for this correction and will continue back down to the historical growth base line. We didn't quite make the 50% retracement target of 744.94 so my end target is in the 260-280 region perhaps by around December 2014.