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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: "A larger correction from the top of wave 3.10 the past week. Normally I would assume this correction will continue to the dynamic support of the 50 week average. But, this close to the year-end it may as well consolidate above 2000."
The further move down lasted only Monday and Tuesday to the level of the S2 pivot support of the month (see the daily chart). The rest of the week was an almost 100% recovery, just a few points from the previous top wave 3.10. Once more it is clear that this close to the year-end the index is not allowed to move down.
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 2010.4 on November 21, 2014, there was a profit of 645.34 or 45.5%.
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 moves back to the median line of the up moving pitchfork.
Long term target is 2114, coming close again...
There is support at 1920-1820-1760.
Fast Stochastic RSI indicator:
Slow Stochastic RSI indicator:
SVEPRExp expert system:
The long term investor on a weekly basis has an open short position.
NinjaTrader® charts courtesy of NINJATRADER®