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 (1827.4);    S= MM (1619.1), 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: stochastic status will give the next trend.

R= UM (1827.4);   S= MW (1632.9)

Short term: bullish parallels

On a daily basis, a type III (31/08) is in progress.

Idea:  since yesterday, you have only 50 % of your previous long position

Bet:  focus on MD (main support).

R= UD (1780.3);   S= MD (1729.4), LD (1651.3)

Conclusion: higher as long as MD proves to be a support.