I think that the annual cycle started at the low pivot point around 12500 on July 2012. The cycle closed two T+3 so far and now is going to close the third, the moving averages can confirm this.
Probably the Ftse Mib is going to test the MA at 330 periods (the black one) around 15500.
In my opinion it is very important to respect this MA because if the price breaks down the moving average it could be a sign of a prolonged bear market.
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