Do you expect to see a correction in the market – if so, what could the size of the correction be?
If not, will it continue to test 6,000 and how much could it exceed 6000?
My gut feeling is that we are going to see a 500 to 750 point correction, maybe more.
A: I think that if we get a correction, the market will retrace to around 5,500. You will recall that it did a lot of work at that level.
That said, I am not expecting a correction – as I think that the next move for the US market is still up.
How high could it go? I would like to say that it would retest its previous high (around 6,800), however this market has been grinding higher for some years and I doubt it will take off. My next stop on a definitive break above 6,000 would be just shy of 6,500 – probably about 6,450.
