The chart contains two LT Pitchforks and two ABCD patterns.
The first PF has Median anchorpoint in 1998 w 2nd & 3rd anchor
points 2000/2003 swing. The 2nd PF has Median anchorpoint
in 2003 low w add anchorpoints in the swing 2007/2009.
The Large ABCD was completed Dec 2013 at 9500 and the smaller
in Oct 2013 at 9000. The Psychological 10 000 handle was
tested in June this year. The d-level has supported index twice
after completion in confluence with the Yearly Pivot Point and
the Median line of the younger PF hasheld as resistance
while the 2nd Quartile of the older PF has supported index
above d-level. Note that the 2011 high happened at the 61,8
fib of 2009low/10000. Downside risk is a potential Head &
Shoulder formation IF the 9750 level is not taken out AND
the Yearly PP is breached. However, most signs are bullish
even if two ABCD patterns was completed in 2013, since
index hasn't shown much respect of the D/d levels. Thus,
extended D/d levels are more probable. The 127d level
came in at 10000 while the D127 level is in confluence with
Yearly R2 and approximately the d161 at 11000-11400
which is also the older PF Median line. Such a move would
be a sharp rally after a breaching of the younger PF Median
line in confluence with Yearly R1 around 10300.
The first PF has Median anchorpoint in 1998 w 2nd & 3rd anchor
points 2000/2003 swing. The 2nd PF has Median anchorpoint
in 2003 low w add anchorpoints in the swing 2007/2009.
The Large ABCD was completed Dec 2013 at 9500 and the smaller
in Oct 2013 at 9000. The Psychological 10 000 handle was
tested in June this year. The d-level has supported index twice
after completion in confluence with the Yearly Pivot Point and
the Median line of the younger PF hasheld as resistance
while the 2nd Quartile of the older PF has supported index
above d-level. Note that the 2011 high happened at the 61,8
fib of 2009low/10000. Downside risk is a potential Head &
Shoulder formation IF the 9750 level is not taken out AND
the Yearly PP is breached. However, most signs are bullish
even if two ABCD patterns was completed in 2013, since
index hasn't shown much respect of the D/d levels. Thus,
extended D/d levels are more probable. The 127d level
came in at 10000 while the D127 level is in confluence with
Yearly R2 and approximately the d161 at 11000-11400
which is also the older PF Median line. Such a move would
be a sharp rally after a breaching of the younger PF Median
line in confluence with Yearly R1 around 10300.