Long term: without trend

On a yearly basis, no PEI or NEI is in progress.

On a quarterly basis, the bullish parallel is over.

On a monthly basis, UM / LM spread is above a reference one.

Idea: Lower as long as our monthly stochastic is not oversold

Bet: this year, a monthly bearish pattern could develop.

R= MM (.8591);    S= LM (.8205), MY (.7413)

Medium term

On a weekly basis, a PEI is the status for our moving averages. No PEI is in progress on the monthly time frame.

Idea: Lower as long as our weekly stochastic is not oversold

Bet: nothing to do.

R = MW (.8347);     S = LW (.8211), MY (.7413)

Short term: no bearish pattern

On a daily basis, prices will continue to decline.

Idea: lower as long as MD proves to be a resistance

Bet: towards LD.

R = MD (.8294);   S = LD (.8195)

Conclusion: lower on a medium term basis.