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 stochastic as a leading indicator

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

R= UM (1819.4);    S= MM (1616.4), PQ (1474.8)

Medium term: rise

On a weekly basis, UW / LW spread is increasing with a NEI on the monthly time frame.

Idea: use our weekly MACD as a leading indicator

Bet: nothing to do.

R= UM (1819.4);   S= MW (1611.8)

Short term: bullish (for intraday trading only)

On a daily basis, a NEI is the status for volatility and a PEI is the status for our MACD.

Idea:  use our MACD as a leading indicator

Bet:  higher.

R= UD (1702.4);   S= MD (1641.8)

Conclusion: higher as long as our daily MACD is not overbought.

Position: previous: long on a daily basis (PEI status for our MACD), in progress: long, next: use daily MACD as a leading indicator.