The recent 2-day pullback down to re-test breakout level was a 400 points missed, an indication that the pullback was very bullish.
The failure to come down all the way to retest the previous swing high of 22,400 is an indication many waiting to buy would missed the boat and those waiting to exit their wrong short trade were not able to get out of their trade.
As such the rally that followed was sharp and could last for a while as investors who missed the entry has to chase the trade higher and those holding short position continue to get squeezed.
The next upside target is 24,500 - 25,000
