In my previous post I outlined an idea of a previous high retest and potential to make a new all time high. This is what played out today. A strong momentum took the price to a new all time high. Unfortunately, it happened when the broader market started to retreat after a bad economic news. From a price action perspective we have an exhausted move with a notable failure below previous all time high. This is a warning sign. One need to watch for a false breakout pattern to unfold or a strong impulse up suggesting that the bulls are back. It would be less risky to consider shorts from correct locations until the price gets closer to the previous consolidation area top.
10/1/2019
10/1/2019
