Good morning
Following on from Friday's morning analysis, we closed over the MA 20 (5725) on Friday on a weekly basis so this confirms the market is in a healthy uptrend and a break of 5477 (inverted head and shoulders break out) is now unlikely. 6100 is targeted.
If we assume the 4th wave correction form 5902 ended at 5518 we are now in the the final 5th wave. This will be subdivided into 5 waves. Wave one could have ended on Friday at 5794. We will now decline to 5650 or lower for wave 2. We want to position ourselves long for wave 3 which will has a calculated target of 6098.
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