The area 2060/70 is a strong resistance that will produce some turbulence, but probabilities are still on the side of a rising index, supported by all the barking bears around, by all the uncertainty and by the weakness of the euro. A short phase of consolidation is not rare at this stage of the rise, something that may last one or two weekly bars, where some more bears traps will be set to work.
The Elliott Wave analysis (AdvGet) confirms that the upward move is unfolding as forecasted, even if targets are slightly different from those previewed by the model. What we are looking at is – with much probabilities – the first wave of a new cycle: it will go for new highs in the 2180 area.
