The market has experience an an excellent rally over the past 10 days and is now hitting a prior area of support/resistance
. When using the Fib Extension we are currently at the 127.2 Level, which also lines up with a 78.6 Fib Retracement at this same level. An additional confirmation can be found by the overbought level of the RSI
Indicator below. I am predicting the market to fall back down to the $110-112 area (green zone) and hopefully find support and head for a new high around the $119-120 level, but that won't be for a couple weeks if it happens. Time will tell. Let me know your thoughts.