Will we see a major selloff at this level? My prediction is, yes we will based on the price being overbought at the moment and the fact that it would correlate in frequency with smart money taking some profits before the next accumulation starts from a lower price point.
Any thoughts / counter ideas to this out there?
Price broke a temporary trend channel, sideways action as we see so often in the last part of the session. I'm waiting for resistance levels to break before taking my next bet.
I'm also looking out for a bigger selloff before the price will go even higher based on my analysis of the bigger picture.