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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.
Two weeks ago I wrote: "We are less than a point away from the previous top. Will it be broken? Probably yes, if we think that we are close to the end of the year reporting. But for now we should not exclude a double top formation as the start of a long term reaction. For next week I rather expect some retracement."
Some retracement but a new higher top wave 3.10 last week and still a bit higher this week. All together a very limited move. It looks like the index will stay at a high level at least until the end of the year.
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 September 19, 2014, there was a profit of 592.24 or 41.7%.
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 moved back up to the median line of the pitchfork.
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 long position.
NinjaTrader® charts courtesy of NINJATRADER®