A week ago I wrote: "As expected, the short term reaction started the past week. For the coming week(s) I expect a further reaction down toward following targets: the PP pivot level of the current month, the 50 and 100 simple moving average and previous price support around 2155. Possibly this will be a small 123 correction wave. You should read my comments on the weekly chart and monthly chart for the longer term view."
I am clearly forgetting that we are coming very close to the end of 2016. Usually prices stay high because fund managers want to close the year with a good report. Meaning no down reaction for the moment. Contrary we should expect more higher prices the next couple of weeks. The next closest target for the coming week is a Fibonacci projection around 2272. I do expect a small reaction first. We will probably see higher prices until the end-of-the-year. However, medium term I still expect a larger correction, be careful! You should read my comments on the weekly chart and monthly chart for the longer term view.
Sylvain Vervoort http://stocata.org/