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Red line - bearish divergence
The RSI is warning bulls that the up trend is weakening. A 100 point decline is highly anticipated and this is the minimum of a pull back that we expect. If price turns over and starts the decline, our target would be 3750 where we find the 38% Fibonacci retracement of the entire upward movement that started in the first quarter of 2020. The current new high was accompanied by 3 lower highs and now the RSI is turning below 70, increasing the chances of a pull back. For me its not a matter of when, it is a matter of how big a pull back will be. Bulls need to be very cautious.
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