SCHIFF PITCHFORK: has been well respected in the past and price is struggling to cross this large .
VOLUME: Breakout of the 8200~8400 level was not followed through with indicating the lack of buyers in the market. over the last few days and this week has been very scarce which further leads to indications.
FIBONACCI RETRACEMENT: Healthy corrections occur involve an approximate 30-50% drop which forms confluence and aligns with the Fibonacci 61.8 level.
MOVING AVERAGE: 200WMA may be retested and forecast of the moving average would also align with the same region of 5200-5800.
CANDLESTICK: With the week halfway through completion, a reversal pattern is forming. Fruition of this pattern will increase the probability of the price forecast.
CONCLUSION : Large correction due, expect a correction in the region of 30-50% to the 5200-5800 zone in the short to mid-term. Buying at current price is highly risky and is not recommended given the market conditions.