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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: "The previous week doji is not confirmed with a down candle. Instead he index makes a new high with a wave 3.7 on the weekly chart. The negative divergence between the index and the indicators did not work the first time, but it may work the second time. But for that scenario the index has to make a new turn down soon. You never know for sure, but keep in mind that a reaction now will most probably be a longer term reaction and consequently a larger move down. Technically we only have a change in trend if we get a lower high. This clearly needs more time in normal circumstances. "
A new higher high for wave 3.7. There seems to be room for a higher index next week. On the other hand turning down the coming week(s) creates another negative divergence between the indicators and the index. Since we are reaching once more the median line of the up moving pitchfork and the upper side of the BBS band, we should expect at least some reaction the coming week(s). If you want to be sure about a longer term down reaction, you will have to wait for a lower top.
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!
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Index is moving up to the median line of the last best fitting up moving pitchfork.
Long term target reached in the monthly chart.
There is support at 1850- 1725-1650-1570.
Moving down with a negative divergence.
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®