Last week I wrote: "Monday there was a reaction up to 2440 but, Thursday the index went down once more to the previous low around 2405. Friday finally another up correction closed the week around the same level as the week before. Possibly the index will correct up a bit more before resuming the down move. The first target down is at 2390 once the support at 2405 is broken. Keep in mind that the Holiday season started so, price moves may be limited the coming weeks. Please read my comments on the weekly chart and monthly chart for more information regarding the longer term view."
The up correction went farther then I expected, creating a new long term higher high. There is a gap on Wednesday that I would expect to be closed soon. Furthermore, there is a good chance that the index and indicators will show a negative divergence starting the expected correction. The first down target is filling the gap. Intra day the last wave up does not look completed so, there may be some more up move the coming week. Read my comments on the weekly chart and monthly chart for more information regarding the longer term view.
Sylvain Vervoort https://stocata.org/