• Confirmed Uptrend
• December 2017 closed higher; index has been higher for the nine straight months; it has only one down month, March 2017, since October 2016
• Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%

• The week ending on April 6 was a small red spinning top with long upper and lower shadow;
• Last week’s pivot point=2610.12, R1=2666.43, R2=228.40; S1=2548.15, S2=2491.84; S1/S2 pivot levels were breached;
• A down week following an up week; third in last five weeks and sixth in last ten weeks
• A bearish ABCD pattern is emerging; break below 2553.80 would open up potential down targets near 2461.75 and 2251.50 levels
• Broke above a down sloping flag on April 24 2017;
  • flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
  • 100% extension target of shorter flag-pole near 2639.41 is achieved; and the 161.8% extension target is near 2835.46
  • 61.8% extension target of longer flag-pole near 2687.41 is achieved; the 100% extension target is near 2913.13
• Broke above a down-sloping flag on November 14, 2016;
  • the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
  • 261.8% extension target of shorter flag-pole near 2612.97 is achieved
  • the 161.8% extension target of longer flag-pole near 2704.63 is achieved; the 261.8% extension target is near 3088.34
• Last swing low, 2322.25, was the low on March 27, 2017; Last swing high, 2872.87, was during the week of January 22, 2-018; the low since the last swing high is 2532.69 during the week if February 5, 2018
• Below 10-week EMA; at 39-week SMA and above 89-week SMA
• Uptrend under pressure

Daily

• A large green candle with small upper shadow and no lower shadow; gapped up at the open
• At the lower bound of a symmetrical triangle; break, and close, below 2586.27, will complete the pattern and create potential target near 2250.00
• Bouncing off 200-day SMA
• At 20-day EMA; below 50-day EMA and 100-day SMA; above 200-day SMA
• Uptrend under pressure

• In the middle of a horizontal channel that has been breached to the upside and downside at least once
• Rising, for the second time, above a downtrend line from the high of March 13; sequence of lower highs and lower lows since March 13 was broken in April once; trending down since 12:00 PM April 5
• RSI-9 moving down since 10:00 AM on April 10 and now just above 40
• Below 20-bar EMA and at EMA10 of EMA50
• Bias: Side

• An emerging ascending triangle broken to the downside in a gradual sideway move and is in danger of morphing into a horizontal channel
• Moving, mostly, sideways since 2:30 PM on April 4
• RSI declining since 2:30 AM on April 10, broke below 40 and just reaching 40
• Below 20-bar EMA, which is below 50-bar EMA
• Bias: Side

• Bollinger Band (20, 2.0) is moving sideways to down since 2:30 AM on April 10
• The band narrowed during Asian session and is expanding since 6:00 AM
• RSI is fell below 40 at 7:45 PM and the moved around it till 5:45 AM before falling again and then rising back to it
• The Stochastic (9, 1, 3): %K made a divergence at 7:15 AM and is rising to 80
• Bias: Side-Down

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