I got his one completely wrong recently - but the advantage of using technical analysis lies in having a perspective and a predetermined stop. This approach effectively nullifies our prior pessimistic outlook, which was based on divergence and failure at old highs.
At present, we can reasonably assume that the market is still in a bullish trend. The surge in corporate earnings, particularly from semiconductor firms, has been a key driver of the market's upward momentum.
The significance of the 5000 level extends beyond mere psychological appeal; our point and figure count also indicate it as a plausible upside target. Additionally, the cloud formation on the 4-hourly chart provides support. As long as the market remains above this level, our only viable course of action is to align with the current trend.
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The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
At present, we can reasonably assume that the market is still in a bullish trend. The surge in corporate earnings, particularly from semiconductor firms, has been a key driver of the market's upward momentum.
The significance of the 5000 level extends beyond mere psychological appeal; our point and figure count also indicate it as a plausible upside target. Additionally, the cloud formation on the 4-hourly chart provides support. As long as the market remains above this level, our only viable course of action is to align with the current trend.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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