Not much has changed
Not much has changed since the last update. As the PPMs start to show a loss of momentum, the price starts tapering off. The upward momentum of price has been stopped.
Today's rise seems to have broken above the trading range, but I'm not sure if it can continue its momentum upwards for too much longer. The PPMs on the daily chart show none in trend. The weekly chart though shows PPMs 1 and 2 still in trend but heading downwards.
Of course, the markets can continue an upwards trend longer than you expect it. But to me, it seems frothy as of now. It may hit the weekly high fib target of 3.43 before anything else happens. But it may be a slow crawl there.
Today's rise seems to have broken above the trading range, but I'm not sure if it can continue its momentum upwards for too much longer. The PPMs on the daily chart show none in trend. The weekly chart though shows PPMs 1 and 2 still in trend but heading downwards.
Of course, the markets can continue an upwards trend longer than you expect it. But to me, it seems frothy as of now. It may hit the weekly high fib target of 3.43 before anything else happens. But it may be a slow crawl there.
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