Coupled with some divergence on the , this looks familiar and should be a good point to take a bit of profits and buy back in cheaper. Add in a double-top for the awesome-indicator and you have some good reasons to sell off now.
Our support is crossing the 0.382 fib level, this could be a good point to buy back in. Set your buys slightly above this level.
This falls well in pattern with this run we have had. When we have been testing or exceeding the , as the trend crosses a fib level it has retraced back to support before continuing the run.
I am short only in the very short term. For those unable to watch and pull the trigger quick when needed, just hold and enjoy the next wave up.
The other possibility is we are breaking out of this channel and retesting the previous resistance as support, which would be megabullish.