A week ago I wrote: "The past week was a consolidation of the Fibonacci target reached at 261.8%. There were only small moves and the index is closing the week just a fraction higher. There are a number of technical reasons why we should expect a retracement. The stochastic RSI is topping and turning down. The is a small negative divergence between the higher top in price and a smaller top in the stochastic RSI. Price is bouncing against the upper side of the volatility channel. Price is far away from the averages. Technical price downward targets are at 2120, 2040 and 1950."
It looks like I can repeat my last week comments this week: "The past week was a consolidation of the Fibonacci target reached at 261.8%. There were only small moves and the index is closing the week just a fraction higher. There are a number of technical reasons why we should expect a retracement. The stochastic RSI is topping and turning down. The is a small negative divergence between the higher top in price and a smaller top in the stochastic RSI. Price is bouncing against the upper side of the volatility channel. Price is far away from the averages. Technical price downward targets are at 2120, 2040 and 1950." Please read my longer term comments here: weekly chart and monthly chart.
Sylvain Vervoort http://stocata.org/