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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.
The used chart template is explained HERE.
Last week I wrote: "As expected, a further move down, followed by some pullback. We must expect a further move down after the pullback. First targets are 1960 and 1925."
If the index has to go further down, it would be best to continue the down move now. The correction wave is near the acceptable level, still moving higher, it becomes doubtful. But, a double top formation is possible.
If you have doubt about BBS, have you noticed that the BBS Band Break System used on the weekly chart, took a long trade August 17 2012 at 1418.16 and with a closing at 2088.77 on December 26, 2014, there was a profit of 670.61 or 47%.
The longer term SVEPRExp expert system is green. Green means a long position and black a short position for the long term on this weekly chart. You can find more information about SVEPRExp HERE and HERE!
For FOREX traders; here I keep updated FOREX EUR/USD charts.
Learn technical analysis with: "Capturing Profit with technical Analysis"
The index reached the lower side of the up moving pitchfork.
There is support at 1920-1820-1760.
Fast Stochastic RSI indicator:
SVEPRExp expert system:
The long term investor on a weekly basis has an open long position.
NinjaTrader® charts courtesy of NINJATRADER®