Long term basis: Yearly bearish divergence with our stochastic and MACD => 500 as a first target
On a yearly basis, the status for our MACD is a bearish divergence. Furthermore, our MACD and stochastic are overbought at the same period: a sharp decline is expected. The collapse in progress could amplify. 500 and LY are our next supports.
On a quarterly basis, Bollinger bands spread is always expending and could increase with a new decline. The bearish dynamic for our 7 quarters moving average is always in progress. A bearish A type crossover is in progress with our 7 / 23 quarters moving averages (in 2002, the crossover was a bearish B type). With a bearish non-crossover for our stochastic (end of Q4) a collapse towards LY is expected.
On a monthly basis; a bearish parallel pattern is in progress as long as MM proves to be a resistance (end of period).
Idea: a yearly bearish divergence is the status for our stochastic and MACD. The correction of the XX century bullish trend is in progress => bear trend for one decade or more.
R = below MM (1051); S = LW (865), 666 (current low), 500, LY (186)
Medium term: toppish
On a weekly basis, Bollinger band spread is not minimal. A weak bullish non-crossover is in progress with our 7 / 23 weeks moving averages. If UW / PW act as a resistance, a bearish non-crossover will develop with our stochastic. MW will be our first objective. Above UW, the up trend will be the main trend.
Idea: towards LW if MW fail as a support.
R = PW (1080.2), UW (1093.1); S= MW (979), LW (865)
Short term: UD / LD spread could be minimal soon
On a daily basis, Bollinger bands spread is not far away from its minimal level. If PW act as a resistance, a bearish pre-parallel pattern could develop at the end of October. Otherwise; if LD proves to be a support and MD fail as a resistance, the rise in progress will continue.
Idea: new high if MD proves to be a support.
R = UD (1078.4), PW (1080.2) S= MD (1054.4), LD (1030.4)
Conclusion: as long as MM (1051) proves to be a resistance at the close, the rise in progress is only a technical rally in a long term (year (s)) bear market.