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 (weak bearish no-crossover in progress)

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

R= UM (1821);    S= MM (1636.7), PQ (1527.1)

Medium term: technical correction

On a weekly basis, our MACD is overbought.

Idea: use our weekly stochastic as a leading indicator

Bet: MW as a first target.

R= MD (1743.7);   S= MW (1670.5)

Short term: lower

On a daily basis, TAM tools are not up.

Idea: use our MACD as a leading indicator

Bet: the trend of SAR will give the strength of the move.

R= MD (1743.7);   S= MW (1670.5)

Conclusion: as long as MD= resistance, MW could be a target.