All Ords hits first resistance

The All Ords today hit the first resistance level at around 4360. I see 3 possibilities from here. The first is that we have a brief pause for another day or two before resuming the move up - to at least the second resistance (blue ellipse - which by the way, moves down as the days pass). The second possibility is that we now correct the move up from last week's low. This could involve a move down of at least 200 points. The third possibility is that we now resume the down move and retest last week's low. For what its worth I favour the first possibility but if we don't get a new high this week, that would be cause for concern. Now, if we do get a new high, the big problem is that we will reach serious resistance fairly quickly. 4450 on the All Ords is the 50% retracement level of the move down from the April high to last week's low. I suspect that the area between 4450 and 4550 is going to be very difficult to break through.