I'm going to try this idea again and set the target at 14000, which happens to coincide with the 50 MA on the daily chart and the down-sloping trend-line established from the top. Once the final wave of consolidation is complete (yes there is still a potential to .786) then my longer term outlook is still 31000 for a larger wave top (2).
There's a possibility to get hung up on the previous high of 20 K and move sideways, but this also would not necessarily be a bad thing. Ultimately building a base at 20 K would be a strong indicator for a move to wave two and then three which could see the third wave topping between 90 and 100 K.
We have just hit some resistance at the 20 MA on the daily chart so the next step of course is to push through this barrier. If it can't, and reverses here we may see a big move to the downside also. This rising pattern has proven to fail in the past and the breakout of the small wedge could end up being a bull trap. But for now I'm trying to remain positive... lol.
There's a possibility to get hung up on the previous high of 20 K and move sideways, but this also would not necessarily be a bad thing. Ultimately building a base at 20 K would be a strong indicator for a move to wave two and then three which could see the third wave topping between 90 and 100 K.
We have just hit some resistance at the 20 MA on the daily chart so the next step of course is to push through this barrier. If it can't, and reverses here we may see a big move to the downside also. This rising pattern has proven to fail in the past and the breakout of the small wedge could end up being a bull trap. But for now I'm trying to remain positive... lol.