Last week I wrote:
"As I wrote 2 weeks ago "another higher top before the year end is certainly a possibility". And it happened faster than expected with a new higher wave 3.19. The index reaches exactly the single point Fibonacci target at 2042 (the yellow projection lines). This may be the top for the moment and the index will probably stay within a tied trading range the coming weeks. Long term there is a 261.8% Fibonacci target at 2114."
Slowly moving higher. Now reaching the upper side of the volatility channel, a 161.8% historical Fibonacci target and the R1 pivot resistance of the month. Indicators are overbought. I assume we are close to a reaction. It will most probably be rather flat moving in a trading range back to the 50 day average. Long term there is a Fibonacci target at 2114.
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%.
Sylvain Vervoort http://stocata.org/