In summary, the EW pattern is of an unfinished 5 waves down from the late 2007 highs. The blue shaded ellipse is suggesting that current price levels are the likely end of the Wave 4 advance from March, 2009. The horizontal blue-shaded support levels are suggesting a Wave 5 forecast low at 6000 circa September, 2010.
Below, a close up of the same chart, only this time with the False Bar Stochastic:
As can be seen above, the FBS is nearing a potential Sell signal, possibly coinciding with an ATR SHORT signal.
This may not be the most agile time period with which to base day-to-day trading decisions, but is a good chart to keep in mind when trying to grasp the big picture.