Traders' Library Blog

Our exciting new Membership Program starts next week!

Our exciting new Membership Program for Options University starts next week! 

 

Click here to learn more…

 

We have three levels for you depending on your level of knowledge, interest, and/or commitment. Take our:

• Bachelor’s
• Master’s
• Ph.d

 

You will gain the in-depth knowledge you need to know to master the options market. All presented in a easy to understand manner. Start with the basics and ramp up to the deep pro level.

 

But you will also get daily advice on the market. You will get:

• Fundamental Options Trading
• Advanced Options Trading
• The Income Generator
• Wall Street Winners 

 

The first three are live webinars with specific trades while Wall Street Winners is a weekly video update with specific trades.

 

Follow me! Look over my shoulder to see how a pro trader does it!

 

There is so much more in the programs that you have to click here to get the whole story.

 

To be successful, you need KAM:

• Knowledge
• Advice
• Mentoring

 

Our amazing programs provide you will all of this at a modest price.

 

Check it out here!

 

Thanks!

 

Good trading,

 

Courtney Smith

President / Options University

Stocata S&P 500 Analysis: March 30, 2018.

Last week I wrote: "Last week I mentioned: "I guess the B-wave is completed and the index will continue to move down. First target is around 2700 where there is price support, support from the PP pivot level of the month and support from the 100-day average and the low side of the volatility band. The medium term target for the completion of the C-wave is at 2450." The past week the index moved down to the PP level of the month and price support. This support only lasted a couple of days and was broken with a gap, now reaching exactly the 200 days average. A lower bottom both in price and the SRSI confirms a possible pullback the coming week. Also, the possible higher bottom with the low of wave A and lower bottom in the SRSI is a hidden divergence also confirming that a pullback should be expected. However since we do not have a wave C already we must expect a further down move after this possible correction. The down target is around 2450. Read my updated comments here for the weekly chart and monthly chart  for more information regarding the longer term view."

Last week I predicted a pullback writing: "A lower bottom both in price and the SRSI confirms a possible pullback the coming week. Also, the possible higher bottom with the low of wave A and lower bottom in the SRSI is a hidden divergence also confirming that a pullback should be expected." I assume that this consolidation phase and pullback is not yet finished. I expect a correction up to previous price support once more becoming price resistance. This is the level around 2700. However since we do not have a wave C already we must expect a further down move after this correction phase. The first down target is around 2450. 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/

Stocata S&P 500 Analysis: March 24, 2018.

Last week I wrote: "A week ago the index reached the upper side of the volatility band with a new higher top. The past week there was a correction bringing the index down to the 50-day average. There is a negative divergence between the higher top in price and lower top in the Stochastic RSI indicator. I guess the B-wave is completed and the index will continue to move down. First target is around 2700 where there is price support, support from the PP pivot level of the month and support from the 100-day average and the low side of the volatility band. The medium term target for the completion of the C-wave is at 2450. Read my updated comments here for the weekly chart and monthly chart  for more information regarding the longer term view."

Last week I mentioned: "I guess the B-wave is completed and the index will continue to move down. First target is around 2700 where there is price support, support from the PP pivot level of the month and support from the 100-day average and the low side of the volatility band. The medium term target for the completion of the C-wave is at 2450." The past week the index moved down to the PP level of the month and price support. This support only lasted a couple of days and was broken with a gap, now reaching exactly the 200 days average. A lower bottom both in price and the SRSI confirms a possible pullback the coming week. Also, the possible higher bottom with the low of wave A and lower bottom in the SRSI is a hidden divergence also confirming that a pullback should be expected. However since we do not have a wave C already we must expect a further down move after this possible correction. The down target is around 2450. 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/

Stocata S&P 500 Analysis: March 17, 2018.

STwo weeks ago I wrote: "As expected last week the index finished the wave B up correction on Tuesday and started the move down for Correction wave C. As I already mentioned with the weekly chart, the B retrace is rather large which possibly means the the correction is not a B-wave but, rather an impulse wave 2 correction. For now I just leave the current annotation because, both expect a further move down. The first target is 2450. If it is a wave 3 that is coming, the first target will be lower to around 2380. Note the negative divergence (1) higher tops in price and lower tops in the SRSI indicator that announced the first move down from top [5]. Next there is a convergent move (2) that made us expect a correction wave B up. And now another convergent move with lower tops or a hidden divergent move that informs us to expect a continuation of the previous down move. There is resistance for an up move with static price resistance and resistance of the PP-Pivot level of the month. Better be prepared for a continuation of the downtrend. Read my updated comments here for the weekly chart and monthly chart  for more information regarding the longer term view."

A week ago the index reached the upper side of the volatility band with a new higher top. The past week there was a correction bringing the index down to the 50-day average. There is a negative divergence between the higher top in price and lower top in the Stochastic RSI indicator. I guess the B-wave is completed and the index will continue to move down. First target is around 2700 where there is price support, support from the PP pivot level of the month and support from the 100-day average and the low side of the volatility band. The medium term target for the completion of the C-wave is at 2450. 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/

 

Stocata S&P 500 Analysis: March 3, 2018.

A week ago I wrote: "Closing the week a fraction higher. Last week I mentioned: "With lower lows both in the index and the SRSI indicator we have a convergent move. Basically this means that price is making a correction. If this is the case we are probably finishing a B-wave and now expecting the C-Wave down. A and C waves are generally about the same size. If this will be the case here, the index can go down to 2400 to finish the C-wave" But, perhaps I overlooked the other possibility meaning, the index is not making a first ABC correction but, a 5-impulse wave down for a longer term wave A correction. If that is the case the index now makes the wave 2 correction. Since a wave 2 correction can retrace up to 100% of wave 1, the index may go further up to the last top. That will be confusing because you will be thinking that the up move is continuing. If the index moves further up now, the chance that we are making a correction wave 2 becomes more lightly. Looking at the Elliott count in the weekly chart, even making a higher top is not impossible. All rather confusing for the moment. A close follow up is needed! Read my comments here on the weekly chart and monthly chart  for more information regarding the longer term view."

As expected last week the index finished the wave B up correction on Tuesday and started the move down for Correction wave C. As I already mentioned with the weekly chart, the B retrace is rather large which possibly means the the correction is not a B-wave but, rather an impulse wave 2 correction. For now I just leave the current annotation because, both expect a further move down. The first target is 2450. If it is a wave 3 that is coming, the first target will be lower to around 2380. Note the negative divergence (1) higher tops in price and lower tops in the SRSI indicator that announced the first move down from top [5]. Next there is a convergent move (2) that made us expect a correction wave B up. And now another convergent move with lower tops or a hidden divergent move that informs us to expect a continuation of the previous down move. There is resistance for an up move with static price resistance and resistance of the PP-Pivot level of the month. Better be prepared for a continuation of the downtrend. 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/

Stocata S&P 500 Analysis: February 24, 2018.

A week ago I wrote: "As expected price moved up even a bit above the pivot support S1, here resistance, up to the 100 day average and the middle line of the Bollinger Bands(R). With lower lows both in the index and the SRSI indicator we have a convergent move. Basically this means that price is making a correction. If this is the case we are probably finishing a B-wave and now expecting the C-Wave down. A and C waves are generally about the same size. If this will be the case here, the index can go down to 2400 to finish the C-wave. Important: Read the comment given with the weekly chart! Read my comments here on the weekly chart and monthly chart  for more information regarding the longer term view."

Closing the week a fraction higher. Last week I mentioned: "With lower lows both in the index and the SRSI indicator we have a convergent move. Basically this means that price is making a correction. If this is the case we are probably finishing a B-wave and now expecting the C-Wave down. A and C waves are generally about the same size. If this will be the case here, the index can go down to 2400 to finish the C-wave" But, perhaps I overlooked the other possibility meaning, the index is not making a first ABC correction but, a 5-impulse wave down for a longer term wave A correction. If that is the case the index now makes the wave 2 correction. Since a wave 2 correction can retrace up to 100% of wave 1, the index may go further up to the last top. That will be confusing because you will be thinking that the up move is continuing. If the index moves further up now, the chance that we are making a correction wave 2 becomes more lightly. Looking at the Elliott count in the weekly chart, even making a higher top is not impossible. All rather confusing for the moment. A close follow up is needed! Read my comments here on the weekly chart and monthly chart  for more information regarding the longer term view."

Sylvain Vervoort  http://stocatat.org/

Stocata S&P 500 Analysis: February 17, 2018.

A week ago I wrote: "The first down target around 2700 was broken already on Monday but, price made an up correction on Tuesday to the same level. The lowest low was reached on Friday with 2532.7, finding support on the 200 day average. The start of the move down was announced by a negative divergence, the green arrows, with higher index prices and a lower SRSI top. Now you can note a lower index bottom with also a lower SRSI bottom. This is a convergent move. We should expect some upward correction that already started on Friday up to the 100 average resistance. I assume there will be some more correction possibly, towards the S1 pivot resistance, after which we should expect a further move down. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

As expected price moved up even a bit above the pivot support S1, here resistance, up to the 100 day average and the middle line of the Bollinger Bands(R). With lower lows both in the index and the SRSI indicator we have a convergent move. Basically this means that price is making a correction. If this is the case we are probably finishing a B-wave and now expecting the C-Wave down. A and C waves are generally about the same size. If this will be the case here, the index can go down to 2400 to finish the C-wave. Important: Read the comment given with the weekly chart! Read my comments here on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort  http://stocata.org/

I Taught This To 10,000 People. Now It Is Much Better!

I started this company 10 years ago. Over those 10 years I have taught over 10,000 students!

 

I  started with my own course but quickly started working with Peak Potentials and teaching Freedom Trader Intensive. I then upgraded the content and called it Stock Success School.

 

Now, I have taken this course that I have taught to over 10,000 people and taken it to another level.

 

It's now called Stock Financial Freedom System.

 

Why the change? For several reasons.

 

First, it now truly a system.

• I give you clear directions on what to do.
• I give you the moves you need to make to make massive money.
• I show you how to manage the risk
• I give you easy to follow rules
• I give you the software you need to put it into action

 

Most importantly, the techniques for making money are dramatically improved! The old techniques made many people massive money. But these new techniques are even better!

 

Simple, easy, proven…

 

You owe it to yourself and your family to attend our next Stock Financial Freedom System live seminar. Click here to learn more.

 

I have a special offer for you! I am gifting some fully paid scholarships and you may qualify! Simply go here and apply. We'll let you know within 24 hours.

 

It looks like our next date has sold out so we have created another date so you can get a seat. (Ma

 

Isn't it time you got your money working for you rather than you working for money?

 

Isn't it time you got the financial freedom you deserve?

 

Check it out here and apply for the scholarship!

Stocata S&P 500 Analysis: February 10, 2018.

A week ago I wrote: "The stochastic RSI made a negative divergence with the index and started a down reaction with a price gap, followed by a large down candle with another gap on Friday. The next down target is around 2700, the 50 day price average, the low side of the volatility band and a price support level. I do expect some pullback when this level is reached. Be prepared for a possible longer term larger correction! Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

The first down target around 2700 was broken already on Monday but, price made an up correction on Tuesday to the same level. The lowest low was reached on Friday with 2532.7, finding support on the 200 day average. The start of the move down was announced by a negative divergence, the green arrows, with higher index prices and a lower SRSI top. Now you can note a lower index bottom with also a lower SRSI bottom. This is a convergent move. We should expect some upward correction that already started on Friday up to the 100 average resistance. I assume there will be some more correction possibly, towards the S1 pivot resistance, after which we should expect a further move down. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort  http://stocata.org/

Stocata S&P 500 Analysis: February 3, 2018.

A week ago I wrote: "The index broke the 423.6% Fibonacci target from 2 weeks ago. Now even the R3 Pivot level of the current Month is broken. However, price is far away from the lower side of the volatility channel and from all averages. The Stochastic RSI may be making a negative divergence with the index. Normally this means that a pullback is not far away. As mentioned with the weekly chart I expect a reaction around the 3000 level. On the other hand I expect a continuation of the move after a correction. The longer term Fibonacci target is around 3200. Maybe you should try a long trade after the expected reaction for a ride to 3200. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

The stochastic RSI made a negative divergence with the index and started a down reaction with a price gap, followed by a large down candle with another gap on Friday. The next down target is around 2700, the 50 day price average, the low side of the volatility band and a price support level. I do expect some pullback when this level is reached. Be prepared for a possible longer term larger correction! Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort  http://stocata.org/

Stocata S&P 500 Analysis: Januari 27, 2018.

Two weeks ago I wrote: "Drawing a medium term Fibonacci target, the index is close to the 2805 target I mentioned last week. Indicators are topping and we are close to this 423.6% Fibonacci target. Short term I expect some pullback, possibly after reaching the short term Fibonacci target. Long term it looks like the 3000 level is now within reach. I commented this in the weekly and monthly chart. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

he index broke the 423.6% Fibonacci target from 2 weeks ago. Now even the R3 Pivot level of the current Month is broken. However, price is far away from the lower side of the volatility channel and from all averages. The Stochastic RSI may be making a negative divergence with the index. Normally this means that a pullback is not far away. As mentioned with the weekly chart I expect a reaction around the 3000 level. On the other hand I expect a continuation of the move after a correction. The longer term Fibonacci target is around 3200. Maybe you should try a long trade after the expected reaction for a ride to 3200. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view. The short term SVEPRExp Price Range expert system is green for a long position. Black means a short position and red is a warning for a possible short. 

Sylvain Vervoort   http:/stocata.org/

Stocata S&P 500 Analysis: Januari 13, 2018.

Last week I wrote: "The reaction was limited to what we had already the previous week on Friday. The first week of the year was apparently reserved for celebrating the good trading year 2017. We are getting more and more gaps that need to be filled. The index reached the R2 pivot resistance of the current month and is possibly on the way to a next Fibonacci target at 2805. My best guess is that this 2805 is the top for the coming weeks. We will most probably get at least a small correction from this level. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

Drawing a medium term Fibonacci target, the index is close to the 2805 target I mentioned last week. Indicators are topping and we are close to this 423.6% Fibonacci target. Short term I expect some pullback, possibly after reaching the short term Fibonacci target. Long term it looks like the 3000 level is now within reach. I commented this in the weekly and monthly chart. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

The short term SVEPRExp Price Range expert system is green for a long position. Black means a short position and red is a warning for a possible short.

Sylvain Vervoort  http://stocata.org/

Who Wins In A Fight? Day Traders or Swing Traders?

I’ve done both and made money doing both. Here’s how I see the fight.

 

Day traders are those that buy and sell a stock, futures, options, or forex and liquidate before the day ends. Swing traders will likely hold the position 1-5 days.

 

Day traders will talk about how they close out all their positions at the end of the day so they don’t have any risk overnight.

 

Swing traders will retort that they do take more risk overnight but they will also often be making money over night. Making money while they sleep!

 

Swing traders will talk about how they make more money on average than a day trader. The day trader will respond by pointing out that the swing trader takes only a few trades to the many trades a day trader takes.

 

In the final analysis, I prefer swing trading to day trading because I don’t have the patience to stare at a screen for hours each day. Seems more like a job than a way to make money.

 

To me, one of the most important aspects of trading is the ability to NOT spend time trading! To live your life instead of having a job.

 

Sound interesting?

 

Twice a day I put out my action swing trades in stock and options. I’ve been crushing it! You can learn more by clicking here.

 

Yes, you can make a living as a trader!

 

Click here to register.  

Stocata S&P 500 Analysis: Januari 6, 2018.

Last week I wrote: "We are two weeks later and the last gap is closed. You can see the negative divergence between the index with higher tops and the indicators with lower tops now confirmed with a larger negative candle and a convergent move between the index and indicators. Technically we must expect a further move down in first instance to 2660 and next to 2625 closing the next gap in the up trend. At that point we should expect some pullback. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view. I wish you all the best for 2018 especially a good health, lot's of fun and good profits with your trading!"

The reaction was limited to what we had already the previous week on Friday. The first week of the year was apparently reserved for celebrating the good trading year 2017. We are getting more and more gaps that need to be filled. The index reached the R2 pivot resistance of the current month and is possibly on the way to a next Fibonacci target at 2805. My best guess is that this 2805 is the top for the coming weeks. We will most probably get at least a small correction from this level. The short term SVEPRExp Price Range expert system is green for a long position. Black means a short position and red is a warning for a possible short.Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort   http://stocata.org/

Stocata S&P 500 Analysis: December 30, 2017.

Last week I wrote: "The gap is not closed yet. Contrary, price made another higher high yesterday close to the R1 pivot resistance of December. It looks like a negative divergence is coming up between the index and the indicators. My best guess is still that the gap around 2645 will be filled the coming week possibly, making a further correction down towards 2600. That way there will be a smaller trading range that may even extend to 2560. That trading range may continue some weeks to some months into 2018. I am repeating, be careful, I believe we are possibly at a longer term top that is only there because professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

We are two weeks later and the last gap is closed. You can see the negative divergence between the index with higher tops and the indicators with lower tops now confirmed with a larger negative candle and a convergent move between the index and indicators. Technically we must expect a further move down in first instance to 2660 and next to 2625 closing the next gap in the up trend. At that point we should expect some pullback. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view. I wish you all the best for 2018 especially a good health, lot's of fun and good profits with your trading!

Sylvain Vervoort  http://stocata.org/

Stocata S&P 500 Analysis: December 16, 2017.

Last week I wrote: "We got the expected down reaction in first instance to the PP-Pivot level of the month at 2624.75. However, followed by a correction move the second part of the week, back to 2651.5, with a gap on Friday. My best guess is that this gap will be filled the coming week possibly, making a further correction down towards 2600. That way there will be a smaller trading range that may extend to 2560. That trading range may continue some weeks to some months into 2018. I am repeating, be careful, I believe we are possibly at a longer term top that is only holding because professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

The gap is not closed yet. Contrary, price made another higher high yesterday close to the R1 pivot resistance of December. It looks like a negative divergence is coming up between the index and the indicators. My best guess is still that the gap around 2645 will be filled the coming week possibly, making a further correction down towards 2600. That way there will be a smaller trading range that may even extend to 2560. That trading range may continue some weeks to some months into 2018. I am repeating, be careful, I believe we are possibly at a longer term top that is only there because professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort   http://stocata.org/

Stocata S&P 500 Analysis: December 9, 2017.

Last week I wrote: "There was a nice move up to a high at 2660, as suggested on the weekly chart followed by, a low price correction back to the start of the week on Friday but, recovering most of it by the end of the day. Since we are at a Fibonacci target both on the daily and weekly chart, we should expect a pullback possibly closing the gap in the daily chart the coming couple of weeks. Be careful, I believe we are close to a longer term top that is only holding because professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

We got the expected down reaction in first instance to the PP-Pivot level of the month at 2624.75. However, followed by a correction move the second part of the week, back to 2651.5, with a gap on Friday. My best guess is that this gap will be filled the coming week possibly, making a further correction down towards 2600. That way there will be a smaller trading range that may extend to 2560. That trading range may continue some weeks to some months into 2018. I am repeating, be careful, I believe we are possibly at a longer term top that is only holding because professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort  http://stocata.org/

Stocata S&P 500 Analysis: December 2, 2017.

Last week I wrote: "There is a gap on Tuesday, I assume this will be closed the next couple of weeks. The index reached the R1 pivot resistance of the month and a last possible Fibonacci target at 2600, exactly the same level as R1. The end of the year coming close, it is always difficult to make predictions because, the professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Technically we should expect a correction in first instance to 2580, on the other hand the next up target is around 2650. I have to repeat what I mentioned last week: Looking at Elliott wave counts, we are possibly near the end of an impulse wave 5, short, medium and even long term. Be careful, I believe we are close to a longer term top. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

There was a nice move up to a high at 2660, as suggested on the weekly chart followed by, a low price correction back to the start of the week on Friday but, recovering most of it by the end of the day. Since we are at a Fibonacci target both on the daily and weekly chart, we should expect a pullback possibly closing the gap in the daily chart the coming couple of weeks. Be careful, I believe we are close to a longer term top that is only holding because professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

The short term SVEPRExp Price Range expert system is green for a long position. Black means a short position and red is a warning for a possible short. HERE and HERE is more information about the SVEPRExp system!

Sylvain Vervoort  http://stocata.org/

Stocata S&P 500 Analysis: November 25, 2017.

Last week I wrote: "Wednesday the index reached the low of the week just past the PP pivot level of the month. From that point a pullback up was started but, still closing the week a few points lower. Technically I expect a move down towards the price support at 2544 which is also, close to the S1 pivot support, the low side of the volatility channel and the 100 day simple moving average. Keep in mind that there is a good chance the index will remain around the current level until the year-end, closing the year with some 25% profit. Looking at Elliott wave counts, we are possibly near the end of an impulse wave 5, short, medium and even long term. Be careful, I believe we are close to a longer term top. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

There is a gap on Tuesday, I assume this will be closed the next couple of weeks. The index reached the R1 pivot resistance of the month and a last possible Fibonacci target at 2600, exactly the same level as R1. The end of the year coming close, it is always difficult to make predictions because, the professionals want to keep price at high levels for presenting a good end-of-the-year report to their customers. Technically we should expect a correction in first instance to 2580, on the other hand the next up target is around 2650. I have to repeat what I mentioned last week: Looking at Elliott wave counts, we are possibly near the end of an impulse wave 5, short, medium and even long term. Be careful, I believe we are close to a longer term top. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort   http://stocata.org/

 

 

Stocata S&P 500 Analysis: November 18, 2017.

Last week I wrote: "Closing the week some 5 points lower. There is still a Fibonacci target at 2622 that most probably will be reached the coming weeks. I believe there is a good chance the index will remain around the current level until the year-end, closing the year with some 25% profit. For now I expect a further move up towards 2622, a Fibonacci target and the R2 pivot resistance of the current month. We may expect some pullback at that point, before possibly moving up to the next Fibonacci target at 2660. Price is far away from the averages reaching the upper side of the volatility channel. Looking at an Elliott wave count, we may be near the end of an impulse wave 5, short, medium and even long term. BE careful, I believe we are close to a longer term top. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view."

Wednesday the index reached the low of the week just past the PP pivot level of the month. From that point a pullback up was started but, still closing the week a few points lower. Technically I expect a move down towards the price support at 2544 which is also, close to the S1 pivot support, the low side of the volatility channel and the 100 day simple moving average. Keep in mind that there is a good chance the index will remain around the current level until the year-end, closing the year with some 25% profit. Looking at Elliott wave counts, we are possibly near the end of an impulse wave 5, short, medium and even long term. Be careful, I believe we are close to a longer term top. Read my comments on the weekly chart and monthly chart  for more information regarding the longer term view.

Sylvain Vervoort   http://stocata.org/