Bulls pushed to a fresh all time high and finally ran out of steam. I posted in yesterdays note: “4800-4805 first resistance zone coming up here overnight. While this is great to see if long (I am currently trailing a position), its not ideal price action. This slow push up is over-extending the RSI(5), increasing the odds of the move failing”. Unfortunately for bulls, this played out with 4805 clipping and price reversing, stairs up, elevator down. This type of daily chart setup (new ATH then reverse) not ideal short-term, bulls will need to step in very shortly. Here’s what I’m looking at (chart & analysis below), there is also a new pattern forming
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