Last week I wrote: "I expected the price gap to be filled within 2 weeks and, it happened already at the end of the past week. We are also very close to the first down target around 2400. Possibly price will go down a fraction lower before there will be a price pullback. There is support from the S1 pivot support of the month, the median line of the up moving pitchfork and the 100-day simple moving average so, I assume we will see some pullback already the coming week. Read my comments on the weekly chart and monthly chart for more information regarding the longer term view."
As expected last week, price went a fraction lower on Monday, touching the 100-day simple moving average dynamic support. Tuesday the up retrace started with a price gap and went up to a 50% pullback, a price resistance and the PP pivot level of the month. Most probably the index made the top of the correction and resumes the down move. The next down target is the S2 pivot support at around 2380. I assume this will take a couple of weeks. Read my comments on the weekly chart and monthly chart for more information regarding the longer term view.
Sylvain Vervoort https://stocata.org/