Long term: higher

On a yearly basis: a type II will be the status at the end of the period. Next year, LY should continue to decline (9 periods). Expect to use Dow Jones 1980 / 2000 bull trend as a benchmark.

On a quarterly basis, a bullish parallel pattern is in progress.

On a monthly basis, the bullish parallel pattern is over since May 2012.

Idea: use the monthly MACD as a leading indicator

Bet:  a technical correction is not ruled out for some months.

R= UM (1809);    S= MM (1662), PQ (1514)

Medium term: towards LW if MW fails as a support

On a weekly basis, Bollinger Bands spread is maximal. A PEI is the status for our stochastic and MACD.

Idea: LW as a target if MW fails as a support (at the close)

Bet: below MW.

R= PW (1777);   S= MW (1703.6), LW (1591.6)

Short term: bearish pre-parallel?

On a daily basis, Bollinger Bands spread is minimal. No PEI could develop with TAM tools. If LD proves to be a support and MD acts as a resistance, a bearish pre-parallel pattern could develop.

Idea: weak as long as MD= resistance

Bet: choppy next week.

R= MD (1726.8), UD (1746.4);   S= LD (1707.1)

Conclusion: wait.