Weekly – Close to an exhaustion count (trend line resistance at 3032)
Daily chart – Overbought
Intraday chart – Ending wedge. 261.8% lines up with the trend of higher highs. A break of 2970 and the measured move target is 2910
Dips continue to attract buyers. Price action continues to trade around the all-time highs. Price action has formed a bearish ending wedge formation. The trend of higher highs is located at 3022. The 261.8% Fibonacci extension is located at 3021 from 2958 to 2982. The rally is close to an exhaustion count on the weekly chart. Bullish divergence can be seen on the 4-hour chart (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. Preferred trade is to sell into rallies. Trend line support is located at 2970. The formation has a measured move target of 2910.