I am not particularly worried here, but always feel compelled to be balanced and she you what I see on the chart.
As you can see, we have potential bearish divergence with overbought on the daily chart, which is confirmed on the 6-hour and below. This could simply mean we are cooling off, and fundamentals are driving the market.
Either way, this is always worth noting.
For confirmation, we will need to see the day CLOSE with a higher high on price and lower high on RSI, with a very clear elbow down.
As you can see, we have potential bearish divergence with overbought on the daily chart, which is confirmed on the 6-hour and below. This could simply mean we are cooling off, and fundamentals are driving the market.
Either way, this is always worth noting.
For confirmation, we will need to see the day CLOSE with a higher high on price and lower high on RSI, with a very clear elbow down.
scott.melker@texaswestcapital.com