Last week I wrote:
"Last week I wrote: "What I wrote last week was quite accurate. The index moved down close to the 100 day average, then starting an up reaction and now finding resistance at the monthly PP pivot level. I do expect some more reaction towards the median line of the up moving pitchfork and the upper side of the BBS channel somewhere between 1675-1685. But I believe that the trend is down and do expect a new wave down from that point. Wait and see...".
The reaction up only reached 1670 and Tuesday there was a big move down with consolidation the rest of the week. The index fell to the S1 monthly pivot support. The index is closing below the 100 day average and below the low side of the up moving pitchfork. We must expect a further move down to the 200 day average and the low side of the longer term trading range at 1560. I still have the open short position.
Sylvain Vervoort http://stocata.org/