I realize that some of you are wondering about what I think about TCS now that we have rallied to a new high this year. Recall that I was talking of a significant downmove in this stock. However, I wouldn’t be surprised if you didn’t remember that my call was more of a medium term in nature. Unlike in DLF, where although I was pointing to the south and it went up instead, in the case of TCS I continue to suggest that we will see a move down to around 835 in the next 12 months. The reason is quite simply that we are in the final stages of an extended fifth wave, probably in the fifth of the fifth, so it is just a matter of time before the bulls will suffer from exhaustion. So if you are an investor, you should prefer to take profits on most of your holdings of this stock, and wait for a more reasonable level to buy it back.