INDEX STANDS AT CRITICAL SUPPORT, H&S NECKLINE AND TRENDLINE

Index stands at the junction point of a H&S neckline and a
trendline going back to June 2016. The starting of next week
may give clues to wether index will find support or if it will
break the TL and neckline.
If index breaks below the 12300 level on a closing basis
and the neckline is fixed to this level (disregarding the spike
to test the Yearly PP) a target of the H&S pattern is found
at 11990 which coincide perfectly with the 127 extension of
an ABCD pattern forming from the top. This level is also
close to the Yearly S1 at 11940.
If Index finds support by the TL upward resistance is found
at the Kumo cloud and right shoulder high. If index returns
right back to the top of the right should this would put in
question the H&S pattern altogether, thus the bounce shouldn´t
be to strong in a bearish scenario.