High volumes on the
TF have taken it down from
930 to
900 and back up to almost
940 recently, as shown on the
60 min (market hours only) chart below. However, volumes have also been declining on the latest push above the last gap at
920.70 since the beginning of last week. Whether this is an
exhaustion gap remains to be seen, but it could be a warning, along with dwindling volumes, that the TF is running out of steam.
If price does remain in its current channel and makes it to its 200% external Fibonacci level at
970, we may see either a pullback of some sort, or a sideways consolidation, pending its next move. Otherwise, a drop and hold below
930 and the channel could begin a decline to, at least
900, or lower.
