Long term: towards MQ

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. LM / PQ should fails as a support, MQ is our next objective.

On a monthly basis, UM / LM spread is under the 2005 level. A bearish no-crossover is the status for our MACD.

Idea: monthly MACD as a leading indicator

Bet: as long as our monthly stochastic is not oversold, MQ is our main objective.

R= MM (1662);    S= LM / PQ (1555), MQ (1334)

Medium term: weak

On a weekly basis, our stochastic is oversold. As long as PW proves to be a resistance, the rise in progress is only a technical recovery.

Idea: use our weekly MACD as a leading indicator

Bet: weak as long as MW= resistance.

R= PW (1619), MW (1648.6);   S= LM / PQ (1555),

Short term: without trend

On a daily basis, TAM tools are neutral.

Idea: use our daily stochastic as a leading indicator

Bet: weak if MD fails as a support.

R= UD (1617);   S= MD (1594.9), LD (1574)

Conclusion: weekly technical recovery above PW (1619)