- SMA 20 remains above SMA 50 - SMA 50 remains above SMA 200 - ADX still indicates an ongoing uptrend - 3/10 MACD shows no divergences on the upside.
**Questions**
- If the ADX switches to range mode or neutral mode, the Bollinger bands would indicate a bottom of 12808. - If the consolidation proceeds it is likely to reach the Fibonacci target at 12697.
**Minor Correction**
- The price broke the SMA 20 to the downside - The price pulled back to the SMA 50 - ADX is falling sharply
**Correction Targets**
- break of the 38% Fibonacci retracement - Euro Stoxx 50 tested the 50% Fibonacci retracement
**Opinion**
The picture would be whole when the market uses the lower Bollinger band to move into a sideways consolidation with a slight negative slope until the 50% retracement is reached and the SMA 200 is reached by the start of next year around 12700 points.
A different reading would see the first test of SMA 50 after the trend change in early September as a confirmation of the uptrend and as a buying opportunity.