The market opened (8am) under 5668 so the chances of the magnet getting hit today are reduced as per my early morning magnet report.
Friday was a quiet day and we consolidated as anticipated. This is usual after a strong rally and implies we still have one more high in this market towards 5820 before this over bought market sees a good correction to at least 5500. This also fits with the wave count. The large rally to 5747 on the back of the EU news was a third wave and the current pull back is wave 4. We are therefore due one final rally which could come in tomorrow morning given its the first of the month (funds usually commit new monies on these days).
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