Market Analysis (Daily Chart View):
The Daily chart indicates that price has declined after reaching a record all-time high and reacting from the upper boundary of an Ascending Broadening Wedge. Both the Weekly and Monthly charts remain in extreme overbought conditions, suggesting caution. Additionally, the upward trend across all three timeframes—Monthly, Weekly, and Daily—is unusually steep and unsustainable.
Such steep trends often lead to parabolic spikes, typically seen near the end of a trend, which is evident from the long wicks on the recent Weekly and Monthly candles. Based on the structure of the Ascending Broadening Wedge, the projected price target is 2565.00.
The Daily chart indicates that price has declined after reaching a record all-time high and reacting from the upper boundary of an Ascending Broadening Wedge. Both the Weekly and Monthly charts remain in extreme overbought conditions, suggesting caution. Additionally, the upward trend across all three timeframes—Monthly, Weekly, and Daily—is unusually steep and unsustainable.
Such steep trends often lead to parabolic spikes, typically seen near the end of a trend, which is evident from the long wicks on the recent Weekly and Monthly candles. Based on the structure of the Ascending Broadening Wedge, the projected price target is 2565.00.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.