My prediction on March 17 for a high of 1180 of the S&P500 was practically perfect, as the index hit 1180.68 on Thursday 25. Almost so were the targets for London and Milan. Only Frankfurt exceeded my target by 73.5 points this morning. However, had one bought following my recommendation, he or she would hardly be disappointed...
Now what? Stock markets are still strong. Some sideway pattern is possible here, however any downside should be limited around Monday 22 (and Monday 15) lows for the US index.
EU indexes may not retrace that far as they look relatively stronger at this time.
Long term investors should sit on their long positions, shorter term traders may want to take some profits and buy again around the above mentioned key support area. From there my Fibonacci projections suggest the indexes may rally up to around 1260 (S&P500), 5900 (London), 6400 (Frankfurt) and 24500 (Milan).
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