Last week I wrote: "The 'b' wave correction went up to the 61.8% Fibonacci retrace (grey) over the a-wave down, the upper side of the Bollinger band and the 100-day average. I assume this will be the end of the b-wave up correction. The expert colored the candles green but, I would not open a long position because, I think the b-wave is complete and we should expect a continuation of the downtrend to targets 2550 and 2400 completing the C-wave. These targets are respectively the S1 and S2 support levels of the current month, confirmed by a downward 161.8% Fibonacci projection (red) over the 'b' correction wave. Furthermore, the b-wave correction is additionally confirmed by a hidden divergence with, a lower price and a higher Stochastic RSI indicator. Read my updated comments here for the weekly chart and monthly chart for more information regarding the longer term view."
Closing the past week at the same level as the week before. There is a fair chance a short term impulse wave down is started now completing correction wave 2. Meaning I am expecting impulse wave 3 down with a target at 2550. I assume this impulse wave will end at 2450 to complete the C-correction wave. Price is now at resistance from the PP-pivot level of the month and previous price resistance levels. Read my updated comments here for the weekly chart and monthly chart for more information regarding the longer term view.
Sylvain Vervoort http://stocata.org/