The daily chart is currently showing the momentum fading on the PPM1. It looks to be heading down after finding a near term top. As we can see price already trading in a range, it could mean that the market is trying to find a direction. This could either be finding a top or gathering momentum to continue upwards.
For more clues, we turn to the weekly chart. We can see that the weekly chart is past the first high fib target of 3.308. Momentum is still likely to be on the upside even though PPM3 is slightly under water (no trend so for now it is irrelevant).
PPM1 shows some more upside for the next week or so before dropping off in momentum. This could mean we may try to reach for high fib target 2 at 3.384.
Note that even if momentum drops off, as long as we stay in trend mode, there is still potential for price to continue rising to find a top.
For more clues, we turn to the weekly chart. We can see that the weekly chart is past the first high fib target of 3.308. Momentum is still likely to be on the upside even though PPM3 is slightly under water (no trend so for now it is irrelevant).
PPM1 shows some more upside for the next week or so before dropping off in momentum. This could mean we may try to reach for high fib target 2 at 3.384.
Note that even if momentum drops off, as long as we stay in trend mode, there is still potential for price to continue rising to find a top.