• 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 February 16 was a large green bodied candle with +4.3% advance following -5.2% decline previous week
• Last week’s pivot point=2703.03, R1=2783.61, R2=2835.00; S1=2651.64, S2=2571.06; R1 was breached;
• An up week; third in last five weeks and seventh in last ten weeks
• 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
• Below 10-week EMA; at 39-week SMA and above 89-week SMA
• Uptrend under pressure

Daily

• A spinning top candle following an almost shooting star candle near 61.8% retracement; potential evening star
• The 38.2% Fibonacci retracement from the lows of February 2016 is near 2465.50; the 38.2% Fibonacci retracement from June 2016 lows is near 2534.86 and the index low on Friday 2532.69
• Last big pattern, a down-sloping flag in June 2017, was broken to the upside on July 13, 2017; in August the index declined and tested the broken upper limit of the flag; since then the index has made three very small flags; it broke to the upside of the last flag on January 2
• Bounced off 200-day SMA on February 9
• Above 50-day EMA and 100-day SMA but above 200-day SMA

• Fluctuating near a resistance level of 2733.00;
• A horizontal channel is forming; at the upper limit after a short breach above it
• RSI-9 in a downtrend since 2:00 AM on February 16 after twice going above 70;
• Below 20-bar EMA and at/above EMA10 of EMA50
• Bias: Down-Side

• The break below a descending triangle did not last long; neither did the break above; broke below the resistance and a smaller descending triangle is emerging
• RSI is mostly in downtrend since 5:00 AM on February 15 with a sequence of lower high; between 50 and 40 since 1:30 PM on February 20
• At 20-bar EMA which is below 50-bar EMA
• Bias: Side-Down

• Bollinger Band (20, 2.0) is moving down ward since 6:45 PM on February 18
• The band contracted in early Asian session but is 11:00 PM on February 20;
• RSI mostly below between 50 and 40 since 2:45 AM
• The Stochastic (9, 1, 3): %K is moving up after making a divergence at 4:00 below 20; %K reached 96.00 at 7:00 AM
• Bias: Down

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