Long term: towards 2400 or lower

On a yearly basis, see the dynamic for – 8 and next…MY failed as a support. 2770 is our first target and 2400 is the next one. Our stochastic is overbought. 2400 should fail as a support. Below 2 000, LY (655) will be our next objective.

On a quarterly basis, our 7 / 23 quarters moving averages crossover is a bearish A type. Our MACD is overbought. A nice dynamic is in progress with each Bollinger band, 2400 is our next target.

On a monthly basis; a bearish parallel pattern is in progress for 4 to 15(?) periods.

Idea: very bearish as long as our monthly bearish parallel pattern is in progress.

R = PW (3400), UW (3716);   S = LW (2750), 2400, 2000, LY (655)

 

Medium term: UW / LW spread is not minimal

On a weekly basis, our UW / LW spread is not minimal. Within 2 weeks, a new bearish non-crossover could be the status for our 7 / 23 weeks moving averages. With this hypothesis, a collapse is expected (this is a specific ATDMF main rule since many years).  But the current status for our MACD is a bullish non-crossover. As long as our MACD is not overbought, no bear trend could develop. A recovery towards PW (3400) or UW (3716) could develop. LW (2750) is our first support.  

Idea: as long as our 23 weeks moving average trend is down, a rise is only a technical recovery.

R = PW (3400), UW (3716);     S = LW (2750)

 

Short term: UD / LD spread is minimum

On a daily basis, UD / LD spread is minimum.  Our weekly MACD is not overbought. LD (2844) will act as a support. Afterwards, a recovery towards MD (2989) is expected. If this level acts as a resistance, a bearish parallel pattern could develop. Next resistance above MD is UD (3135).

Idea: no bear trend before early March.

R = MD (2989), UD (3135);     S= LD (2844)

 

 

 

 

Conclusion: same pattern for all financial markets on a short and medium basis. A very special event could develop in March 09 and add a strong volatility to the current one.