Correction incoming?
Updated
with each new high becoming weaker in momentum and magnitude we could be heading towards a head and shoulders scenario which could signal a pullback correction to around 1650 levels. Need to monitor volumes and supports closely. However I still believe overall trend maintains positive and 2000 is still achievable on the back of large scale institution buy ins.
Trade closed: target reached
well that was quick, the squeeze momentum indicator also fired and we had a crossover of the index line indicating a reversal of momentum as well which all point to the correction having started. as to the extent of the correction we will have to wait and see (specifically trading volumes and volatility) but keep in mind that at each correction there has been a large influx of intuitional money pouring in.
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