III - Correction of Types More Likely Before Next Move Higher
The recent break of the 900 historical level high is a good thing, although maintaining the enthusiasm is becoming a problem with the RSI deviating quite strongly as price struggles to make mediocre higher closes.
In reality it looks like its running out of steam, added to the equation is that price is higely overextended from its means (trendline and MA's) which could pull price back through a range of zigzag corrections until it finds some strength at around 820 which is the 50% retracement of the latest leg up. It may also make a good buy zone, a confluent level with Trendline and long term EMA bringing different traders into the game again.
In reality it looks like its running out of steam, added to the equation is that price is higely overextended from its means (trendline and MA's) which could pull price back through a range of zigzag corrections until it finds some strength at around 820 which is the 50% retracement of the latest leg up. It may also make a good buy zone, a confluent level with Trendline and long term EMA bringing different traders into the game again.