One of the most basic edicts of technical analysis is that, “The trend is your friend.” What that means is that in a persistent uptrend, top calling based on oscillator or sentiment extremes is a waste of time. Until key trendlines actually are broken, we must give the trend the benefit of the doubt. Since no trend lines have broken, all those sell signals that we imagine that we see must be ignored. With the trend still intact, the 6 month and 10-12 month cycle projections, which still point to the 1600 area, remain viable targets.
This report illustrates the particulars along with key support and resistance levels that could be triggers for reversal, or continuation of the advance.
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