Daily chart looks like its going to start another run up with the algos on the SMAs looking positively sloped. However looking down at the PPMs tell a different story.
PPMs 1 and 2 are still in trend mode, however note that PPM1 is below its 1st derivative so while price can still continue to go up, it looks to be a wealth transfer.
PPM2 is still going strong though, which means we can still expect the 21SMA to hold when price drops initially. But that too will likely not last as the momentum dies down after that.
Looking at the weekly chart, the shorter time frame PPMs are still in trend but already look to be heading down soon.
This can also be seen in the SMA lines. The 10SMA is looking to top and start going back down.
If this algo plays out, it is likely to dip back down to first test the daily fib target at 3.259. However, this is still too far out to see clearly.
PPMs 1 and 2 are still in trend mode, however note that PPM1 is below its 1st derivative so while price can still continue to go up, it looks to be a wealth transfer.
PPM2 is still going strong though, which means we can still expect the 21SMA to hold when price drops initially. But that too will likely not last as the momentum dies down after that.
Looking at the weekly chart, the shorter time frame PPMs are still in trend but already look to be heading down soon.
This can also be seen in the SMA lines. The 10SMA is looking to top and start going back down.
If this algo plays out, it is likely to dip back down to first test the daily fib target at 3.259. However, this is still too far out to see clearly.