The last 2 days’ highs have touched the top of a channel and the 50% retracement of the decline from 107.24-70.85. Although above the 200 day SMA, the closely watched moving average maintains a strong negative slope. RSI has spent the past 2 days in overbought territory as well. Clearly there is no evidence that a top is in place but there are many warning signs. Structurally, a 4th wave is expected to come to an end soon and the area of a small degree 4th wave (from October 2008) stretches to 91.00.
