A week ago I wrote: "We have a new long term top with wave 3.14 in the weekly chart. In the daily chart we reach the upper side of the volatility channel. We should expect some retracement. However, we can expect a higher top after a short term correction in the daily chart. The next up target is around 2350. A correction now will probably move towards the 50 and 100 average and price support around 2155. On the other hand we are close to long term targets so, we must be prepared for a long term correction. Read my comments on the weekly chart and monthly chart for my longer term view."
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.
Sylvain Vervoort http://stocata.org/