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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: "Last week what we could expect was not very clear and I mentioned "A continuation of the long term reversal is still possible without making a new top.". Now it looks like we have a new turning point with a large move down, back inside the downward pitchfork and falling below the 50 week average. We also have a Extended wave 2 correction for the last wave 3.1 down. We should now expect a wave 3.2 down. The first target for this is 1850, the low side of the downward pitchfork and a Fibonacci target. The negative divergence between the lower tops in the index and the higher tops in the Stochastic RSI indicator confirms the last move up as a correction wave, meaning next there will be an impulse wave down.".
Perhaps a little bit confusing to see the index almost fully recover from the previous week larger down move. For now we are finding resistance from the upper side of a last down moving pitchfork and the upper side of the BBS channel. The Stochastic RSI oscillator is probably creating a hidden divergence with the higher top from wave 3.12 and a lower top with the current last E2 correction, in relation with a lower top and a current higher top in the Stochastic RSI. Maybe we will get a confirmation the coming couple of weeks when the E2 wave count is confirmed. Down target is still 1850.
The longer term SVEPRExp expert system is black. 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.
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