The new high today keeps the uptrend intact, and gets us one step closer to the ideal target area between 1,289 - 1,291. That said it's also time to protect yourself from a sudden turn around.We now have a very clear five wave rally from 1,011.52, which does limit the upside for at least a correction towards the 1,173 area. Wave patterns have a tendency to become more clear towards the end of a major top or bottom.
I will lift my stop to just below the 1,262.72 bottom, to protect myself for a sudden turn around.
I will even try a minor short at that point with a stop just above the high set for this uptrend.
The big question is whether this is wave "C" in total or just wave "1" of "C"?
Time will tell!
No comments:
Post a Comment