Long term: a technical correction is not ruled out
On a yearly basis: a type II is in progress. LY could continue to decline with a bullish T9. This PEI is the strongest that we know. Expect to use Dow Jones 1980 / 2000 bull trend as a benchmark.
On a quarterly basis, a bullish parallel pattern is in progress. A bearish no-crossover is in progress with our stochastic. MACD is overbought.
On a monthly basis, the bullish parallel pattern is over since May 2012. A bearish no-crossover is the status of our MACD.
Idea: end of the bull trend if MQ fails as a support
Bet: LM is our first target.
R= UM (1799); S= LM (1534), MQ (1301)
Medium term: neutral
On a weekly basis, Bollinger Bands spread is a reference one. TAM tools are up and down.
Idea: use our stochastic as a leading indicator
Bet: within two weeks, a main trend could emerge.
R= MW (1715); S= LW (1639)
Short term: without main trend
On a daily basis, a bullish no-crossover is the status for our stochastic and MACD.
Idea: use our stochastic as a leading indicator
Bet: our stochastic and MACD could be overbought tomorrow.
R= UD (1680.5); S= MD (1662.3), LD (1644.1)
Conclusion: wait.