Long term: bullish parallel on a quarterly basis

On a quarterly basis, the pattern is a bullish parallel one. A type I could develop. The dynamic for our 7 / 23 quarters moving averages is strong and continue thru 2013. A PEI is in progress with our MACD. On a monthly basis, a type III is in progress.

Idea: focus on monthly MACD (no-crossover / overbought)

Bet: towards 5 000 or above as long as no NEI will develop on a monthly basis.

R = rise > 2 years, +++ (could be above 5 000);    S = PM (1532.8), MM (1398.9)

Medium term: lower

On a weekly basis, UW / LW spread is maximal. Stochastic and MACD are overbought. A bearish A type crossover will develop.

Idea: towards LW is expected if MW fails as a support

Bet: weak as long as our stochastic is not oversold.

 R= UD (1749.1);   S = MW (1662.4), LW (1430.5)

Short term: toppish

On a daily basis; as long as our 23 days moving average trend is down, a rise is only a technical recovery.

Idea: a bearish no-crossover could develop with our moving averages

Bet: LD will be our first support with a bearish no-crossover.

R = UD (1749.1)               S = LD (1574.6)

Conclusion: focus on daily M7 / M23.