What a week we’ve had. Market had a stellar performance with no precedent, 12 days up in a row.

Now though, I see a temporary high in the market, so if it’s the case what pull back can we expect? First, the pullback should not be more than 1 to 13 days below the high. There is a target price at around 5700 area which is 25% retrenchment from the 5267 low on the 16th of January then 5610 to 5640. this level is 38% and convergence with Fib extension calculated from the Dec 2014 low of 5142 (see the chart).