Market sentiment remains positive and has pushed the markets to higher highs yesterday. A couple of things to note.
- The move up is backed with low volume
- We have bearish divergences indicating the move is not sustainable
- We have 5 waves up (elliott wave theory) which indicates a move down. The form of this correction will determine whether we will retest 5800 and possibly 6000. The short term trend remains up until we have seen the correction.
- The market has left numerous gaps on the way up.
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