Last week I wrote:
As expected a move down, reaching the median line of the up moving pitchfork, coming close to the PP pivot of the month of March, the 50 average and price support. Probably enough support to create some pullback the coming week. I doubt if the index is already starting a longer term down correction. There is no negative divergence between the index and the indicators. That may indicate that another top is possible the coming weeks after the current retrace.
Only a small retrace on Monday, followed by a move down to the low side of the up moving pitchfork, a reaction back to the PP pivot point of the month and once more down to the low side of the pitchfork and the 100 day average. There is a hidden divergence between the index and the stochastic RSI. Basically this means that we should have some retracement, followed by a further move down. This move down is also close to being confirmed in the weekly chart. It is still early to say that a longer term reaction is started, but there are signs already. Next week probably some more retrace, but a further down move after that.
Stocks & Commodities magazine published the READERS' CHOICE AWARDS for 2015. Two FAVORITE ARTICLE semi-finalist awards are for my articles "Creating A Trading Strategy, Part 3" and "Exploring Charting Techniques, Part 1". First Runner-Up is "Swing Trading With Sylvain Vervoort" an interview from Jayanthi Gopalakirishnan. Thanks to all voters.
Sylvain Vervoort https://stocata.org/