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.

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= MM (1666);    S= LM (1534), PQ (1514), MQ (1301)

Medium term: lower without a bearish trend

On a weekly basis, Bollinger Bands spread is a reference one. A NEI is the status for our monthly moving averages.

Idea: use our MACD as a leading indicator

Bet: LW could fail as a support.

R= MW (1715);   S= LW (1638), LM (1538)

Short term: lower

On a daily basis, a bearish no-crossover is the status for our moving averages.

Idea: use our MACD as a leading indicator

Bet: our stochastic and MACD could be overbought tomorrow.

R= MD (1726.8), UD (1746.4);   S= LD (1707.1)

Conclusion: lower.