In my previous article, i did mention about a push towards the 1630 - 1650 handle and that it will be too risky for longs at this stage.
The initial buy for the rally was at 1195 (check article dated 7th Dec 2018). With market successfully taking the 1340 handle, it was very clear that there could be a further surge in the market and 1650 - 1700 would be the target.
Wave 5 could have ended at the 1690 and if we rely on this count then the minimum target expected in the wave A is 1440
What is also interesting is retail tend to chase markets at the top/bottom and not sell/buy. This is always where the contrarian traders have been successful leaving the retails in lurch
Keep your stops and safe trading
The initial buy for the rally was at 1195 (check article dated 7th Dec 2018). With market successfully taking the 1340 handle, it was very clear that there could be a further surge in the market and 1650 - 1700 would be the target.
Wave 5 could have ended at the 1690 and if we rely on this count then the minimum target expected in the wave A is 1440
What is also interesting is retail tend to chase markets at the top/bottom and not sell/buy. This is always where the contrarian traders have been successful leaving the retails in lurch
Keep your stops and safe trading