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.
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.