Last week I wrote:
Even we are closing lower this week, the index managed to finally reach the long term Fibonacci target at 2114. We are falling back to the R2 pivot resistance, now support, of the month of February. Indicators are topping and turning down. We should expect at least some further reaction down and do not forget that every long term correction started with a common short term retrace.
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.
Sylvain Vervoort https://stocata.org/