that being said, market might just as well only retrace until 38.2% (yellow line) where another TL is located and resume bull run from there.
proprietary momentum study (blue, green, and red lines) show that blue is under green line now, and this shows a loss of momentum, although all 3 lines are still pointing up, which means that the turn lower has not even started yet.
fuchsia line = 55 ; orange line = 100 ; teal line = 200 .
forgot to display and proprietary bands but if shown, you would see that the upper bands of both are at MPR2 right now (where the lime line is shown), so to go significantly higher, market would need to show a major breakout to the upside. we are talking about deviating from the mean by more than 2 standard deviations. unless there is some sort of exogenous catalyst in the next 24 hours, i do not believe this will occur. regardless, price action needs to be watched closely to see what it does around that level (MPR2); if it shows clearly that it is just trying to grap stops (spike into the level), then i'd sell into the spike. SL placed above WPR1.