Polish WIG Index

I had a request about my view on the Polish WIG Index.

As can be seen on the chart above, the price action since early 1994 has been locked into a big rising channel. I have drawn a pale gray line indicating the middle of the channel. Normally the middle of the channel will act as either resistance or support depending on, which part of the channel has been touched lately. In this case it will act as resistance. Looking at the MACD-Indicator the later part of the rally is not confirmed by the MACD-Indicator, which is called Negative Divergence (A top in price is not matched by a top in the MACD-Indicator). Divergence is normally a warning that the ongoing trend is loosing momentum, in this case the uptrend since February 2009 is loosing momentum and warning that a top might be building.
As long as support at 41,451.23 isn't broken to the downside a continuation higher towards 46,237,77 is likely before the top is in place.

Elliott wave: (not shown on the chart)
An important top was seen at 67,772.91 in early July 2007, the following decline to 20,370.29 is a 5 wave decline calling for a zig-zag correction (5-3-5) and wave wave A. Wave B currently ongoing should be in 3 waves and should find a top near the Fibonacci 50% retracement of wave A at 44,127.37 or near the 61.8% retracement of wave A, which comes in at 49,745.31.
The 50% retracement target and the middle of the channel is very close to each other, and should provide firm resistance. The negative divergence on the MACD-Indicator also suggest the a top is getting close for wave C down.