Note the yellow arrows: next June will mark 11 years since the major low in June 2001. Do we have to wait till June 2013 to complete 144 month and see a turning point? (Gann-Fibonacci number).
White globes in the weekly chart below warn that we touched the channel 5 times. This means that: 1) this wave could be short, 2) it could take longer then usual, 3) the inclination could be mild, 4) there will be a breakout and the chart will leave the channel. The stochastic confirms the downtrend.
The daily chart below shows a double top, the whole patttern looks similar to a Head and Shoulder and wave 2 (turquoise color) is completed. All confirmations that the first target should be 1.26930.
The 5 wave retracement up in the 4hour chart below almost touched the 38% around 1.316. Stochastic in bearish divergence