A week ago I wrote: "Last week I wrote: "Basically we should expect some pullback..." This pullback was there already on Monday with a retrace to the 50 day average. However, low prices the following days reached each time the previous low side finding support at the S2 pivot, the 100 day average and the 61.8% Fibonacci retrace. It may take some more days to break this support. Possibly it will be broken already the coming week. Next down targets are the 50% retrace of the last up wave 3.24, the low side of the up moving pitchfork, the S3 pivot of the month and the 200 day average. Read my comments with the weekly chart and monthly chart for the longer term view."
The last support, the 100 day average and the S2 pivot support of the previous week was not broken. Contrary, Wednesday and Thursday there were higher index levels. A further move up was stopped by a previous price gap, the 50 day average, the upper side of the BBS band and the PP pivot level of the month. Friday there was a turn down, covering a previous price gap. If the index will continue the medium and long term down move, next week will have to show lower prices. Targets are 2150, 2120 and 2100. Read my comments with the weekly chart and monthly chart for the longer term view.
Sylvain Vervoort http://stocata.org/