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Last week I wrote: "As expected a further short term up reaction to the upper side of the BBS band. This is probably the end of this reaction and we may expect a further down move the coming week(s). The move down has a number of targets; the low side of the BBS band and at the same level previous price support, the PP pivot level of the month, and also the 38.2% Fibonacci retrace over the last wave up. At that point we can expect another correction before moving down to the next target, the 50% retrace and at the same level the low side of the volatility band and the 50-day average. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view."
As I expected with my last week comment, a move down move, most probably ending a first downward zigzag corrrection pattern reaching the low side of the BBS band and support of the 38.2% Fibonacci retrace and the PP pivot level of the current month. Next week I expect a pullback to the upper side of the BBS band before the start of a second zigzag correction down. The next down target will be the 61.8% Fibonacci retrace around 2300. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view.
Sylvain Vervoort http://stocata.org/
Last week I wrote: "It was some time ago that we closed a week with a lower index. The bearish harami pattern at the top is now confirmed with a move down, reaching the low side of the BBS band, creating a small up reaction already. I expect there will be some more up reaction but, I expect a further down move after that. On the other hand I still cannot exclude a new higher top. The hidden divergence between the index with higher bottoms and the indicators with lower bottoms, confirm a correction, but may also push price above the last top. For the coming week(s) I expect rather a continuation of the correction move towards the PP pivot level of the month. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view."
As expected a further short term up reaction to the upper side of the BBS band. This is probably the end of this reaction and we may expect a further down move the coming week(s). The move down has a number of targets; the low side of the BBS band and at the same level previous price support, the PP pivot level of the month, and also the 38.2% Fibonacci retrace over the last wave up. At that point we can expect another correction before moving down to the next target, the 50% retrace and at the same level the low side of the volatility band and the 50-day average. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view.
Sylvain Vervoort http://stocata.org/
Last week I wrote: "Closing the week higher with a gap on Wednesday but, starting a reaction on Thursday after reaching a 161.8% Fibonacci target and, the resistance of the R1 pivot of the current month. Price is still at the upper side of the volatility channel and the BBS band. The indicators turned down. Price is far away from the averages. I expect the gap to be closed the coming week and possibly a further reaction down towards the PP pivot of the month. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view."
It was some time ago that we closed a week with a lower index. The bearish harami pattern at the top is now confirmed with a move down, reaching the low side of the BBS band, creating a small up reaction already. I expect there will be some more up reaction but, I expect a further down move after that. On the other hand I still cannot exclude a new higher top. The hidden divergence between the index with higher bottoms and the indicators with lower bottoms, confirm a correction, but may also push price above the last top. For the coming week(s) I expect rather a continuation of the correction move towards the PP pivot level of the month. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view.
Sylvain Vervoort http://stocata.org/
Last week I wrote: "As expected, more or less some 15 points up move the past week. A longer term Fibonacci projection now reaches exactly the 261.8% target. With the convergent move between the index and the stochastic RSI, we must expect in the first place a (smaller) correction related to the last wave up. This reaction will be in the order of 60 index points. The index is now at the upper side of the pitchfork channel and the stochastic RSI is topping. The index is also far away from the averages. Possibly the reaction starts the coming week. Please read my comments on the weekly chart and monthly chart for more comments and the longer term view."
Closing the week higher with a gap on Wednesday but, starting a reaction on Thursday after reaching a 161.8% Fibonacci target and, the resistance of the R1 pivot of the current month. Price is still at the upper side of the volatility channel and the BBS band. The indicators turned down. Price is far away from the averages. I expect the gap to be closed the coming week and possibly a further reaction down towards the PP pivot of the month. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view.
Sylvain Vervoort http://stocata.org/
