The white line is 700 DMA or 100 WMA, but we are on a daily chart.
Currently standing at $258 yet moving down every day we are only $20 away from hitting it and give the trajectory we are going after it - it's likely we will meet resistance there.
It's also located at the bottom part of a hard horizontal resistance (rectangle area shown) around the same price level.
You can also see a pattern on the RSI in the level of 86 on this chart.
What I would expect is we make our way up to $260, we create bearish divergence with this last leg and then we make a swift move to the downside to the 55 EMA (confirming previous resistance as support) like the previous 4 times.
This woult make a hefty 30% correction to shake everybody out, so be cautious of this move. It could happen in a matter of 2-4 days.
If such rapid drop starts to happen watch for the 185-195 price range for possible good long setups.
Currently standing at $258 yet moving down every day we are only $20 away from hitting it and give the trajectory we are going after it - it's likely we will meet resistance there.
It's also located at the bottom part of a hard horizontal resistance (rectangle area shown) around the same price level.
You can also see a pattern on the RSI in the level of 86 on this chart.
What I would expect is we make our way up to $260, we create bearish divergence with this last leg and then we make a swift move to the downside to the 55 EMA (confirming previous resistance as support) like the previous 4 times.
This woult make a hefty 30% correction to shake everybody out, so be cautious of this move. It could happen in a matter of 2-4 days.
If such rapid drop starts to happen watch for the 185-195 price range for possible good long setups.
