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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: "Still a higher index and now reaching the median line of the up moving pitchfork and close to the upper side of the volatility band. Almost touching the 261.8% Fibonacci target projected from the start of the last move up since October 2012. Far away from all averages. Indicators are overbought and turning down. As mentioned last week, we must be prepared for a lower index the coming weeks.".
We are prepared, but the start of the move down was still not happening the past week. On the contrary, another higher high. A historical Fibonacci projection from the last low wave 2 and the high before that, wave 3.2, has a 261.8 Fibonacci target at 1686. The index is very far away from all our averages. It is now even penetrating the upper side of the volatility band, a rare event. The index may still go up a couple of weeks longer. We just keep waiting for the turning point. The last move up since November 2012 made almost 25% now, about time for a reaction...
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.
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The index reached the median line of the up moving pitchfork.
Up target is 1686.
There is support at 1550-1475-1400. There is resistance at 1686
Indicators are topping.
Fast Stochastic RSI indicator:
Slow Stochastic RSI indicator:
SVEPRExp expert system:
The long term investor on a weekly basis has an open long position.
NinjaTrader® charts courtesy of NINJATRADER®