Nikkei 225 Headed for 8660

ES is trading slightly below support from the uptrend line that I have mentioned recently. Asia sold off again overnight. The Nikkei index is headed for 8660 which is the 61.8% retracement from the 2009 lows to the 2010 highs. The Nikkei index has failed to break out above the descending trendline (A). With 2-3 rejections from trendline A, it looks like the Nikkei is going to have to base for a while before it can break out above trendline A as previous attempts to breakthrough have come with little or no basing action.