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 (1824.4);    S= MM (1637.7), PQ (1527.1)

Medium term: toppish

On a weekly basis, a rise developed with a NEI on the monthly time frame.

Idea: use our weekly MACD as a leading indicator

Bet: MW as a target with an overbought status for our MACD.

R= 1796;   S= MW (1660.3)

Short term: lower

On a daily basis, Bollinger Bands are expending with a NEI on the weekly time frame.

Idea: use our MACD as a leading indicator

Bet: A bearish pre-parallel could develop.

R= MD (1767.8);   S= MW (1660.3)

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