Long term basis: Yearly bearish divergence with our stochastic and MACD => PY (768) as a first target

On a yearly basis, a bullish parallels pattern is in progress but next pattern (end of Q4) for our MACD will be a bearish divergence. Furthermore, our MACD will be overbought before our stochastic: a sharp decline is in progress. Below PY (768), the collapse in progress could amplify. 700 and LY (114) are our next supports. We wrote LY could be a target!!!.

On a quarterly basis, Bollinger bands spread increase. The dynamic for our 7 quarters moving averages is strong and will increase for 5 periods or more. A bearish A type crossover is likely. Since the end of March 08 a bearish divergence is the status for our MACD. This is the status for our stochastic since December 2007.  PY (768) is our first target.

On a monthly basis; next month, a bearish crossover PM / MM  + increase of the dynamic for UM is expected. A bearish A type crossover is in progress for our 7 / 23 months moving averages. The bear trend for our moving averages will increase until the end of 2008. The status for our stochastic and MACD is a bearish non-crossover. PY (768) is our first target.

Idea: below PY (768), 700 and LY (114) could be our next target. 

Medium term: bearish as long as MW (1173) = resistance

On a weekly basis, the status for our 7 / 23 weeks moving averages is a bearish non-crossover. With a MACD overbought before our stochastic, a strong move is expected (current pattern could be / is a bearish non-crossover). Bearish as long as MW (1173) prove to be a resistance.

Idea: not bullish as long as M23 trend is down.

Short term: Bollinger bands spread is minimal

On a daily basis, UD acted as a resistance. Bollinger bands spread is minimal. If LD (861) act as a support, a bearish pre-parallel pattern could develop if MD (938) prove to be a resistance. Above MD, UD (1015) is our next objective. If LD fails as a support + bullish dynamic for UD + new low, a bearish ATDMF pattern could develop.

Idea: below LD + up trend for UD.

Conclusion: monthly bearish parallel will be the pattern for 2009