Want to know more about "Capturing Profit with Technical Analysis"?
Read about my new 6-part S&C series, now part 6 Projecting Market Cycles.
Twice semi-finalist "Favorite Article" in the S&C 2015 Readers' Choice Award. Thank You!
AXIOM business books awards, bronze medal for my book! Thank You!
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: "And some more reaction we had the past week. The turn down in the stochastic RSI is not yet there for a negative divergence between the index and the SRSI, but it looks that this is going to happen. That will be the third negative divergence in a row. This is very unique. The index reached the median line of the up moving pitchfork. The next target down is the 50 average."
A strong up retracement the past week. For now I still believe a negative divergence is to be expected. This may happen after a new top or not. We need a higher top in the daily chart to have a negative divergence in that chart. If we are at the top, this is what should happen to start a longer term down move. If that is not the case we are still in the long term uptrend.
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 median line of the up moving pitchfork.
Long term target at 2114 was reached, a reaction is started.
There is support at 2000-1920-1820, resistance at 2114.
Moving down, a negative divergence is expected.
Fast Stochastic RSI indicator:
Moving up with a convergence.
Moving down with a negative divergence.
SVEPRExp expert system:
The long term investor on a weekly basis has an open long position.
NinjaTrader® charts courtesy of NINJATRADER®