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Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.
This text will generally only be adapted once every month. The chart is updated until 05/17/2013. The chart template is explained HERE.
For the month of February I wrote: "March 29, 2013: with a high of 1570.28 we are coming extremely close to the top of 1576 in October 2007. We can now assume that in April we will either break that level or start the down move. It may be a difficult month, because the index may break the long term top, but on the other hand close the month below that top. That break above may be a misleading trick to make long term investors believe in a further long term up move. Whichever way it goes, I do expect a down reaction for the medium term.".
With 1597, April is closing above the 1576 high of October 2007. Even a couple days in May are already higher. Are we going to close higher in May? It looks like the stochastic RSI (SRSI) is building a negative divergence. The index is close to the upper side of the BBS volatility band and we are far away from all the averages. I believe we are close to a reaction but there is a good chance that May will still close higher before the reaction starts.
For FOREX traders, here I keep FOREX EUR/USD updated charts.
The index is following the median line of the up moving pitchfork.
Most projections show a target reached. If the up move continues the target is 1735.
There is support at 1370-1260 and 1080. Resistance at 1618 - 1735.
Indicators are moving up.
Fast Stochastic RSI indicator:
Moving up, probably building a negative divergence.
Slow Stochastic RSI indicator:
Wave 3.2 still moving up. More on my 123 wave count HERE.
SVEPRExp expert system: