High volumes on the TF have taken it down from 930 to 900 and back up to almost 940 recently, as shown on the 60 min (market hours only) chart below. However, volumes have also been declining on the latest push above the last gap at 920.70 since the beginning of last week. Whether this is an exhaustion gap remains to be seen, but it could be a warning, along with dwindling volumes, that the TF is running out of steam.
If price does remain in its current channel and makes it to its 200% external Fibonacci level at 970, we may see either a pullback of some sort, or a sideways consolidation, pending its next move. Otherwise, a drop and hold below 930 and the channel could begin a decline to, at least 900, or lower.
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