Several sharp sparks brought the price to 111.65, which is almost the highest since the beginning of June. The US dollar is getting stronger; however, the fast-rising price line may bring some retracement to the price.
The price seems to make an ABCD pattern here. As we know, once the pattern is finished, the price will break down. Although the pattern is not very precise, we can still consider it a bearish signal. The price has been breaking out the Bollinger Bands since the beginning of the latest upward wave. The Bollinger Bands always like to push the price back to the middle line, which means the resistance shows up.
Stochastics and William R% both show overbought. Overbought is an unstable situation that the price may go down any second. And here we can see that the Stochastics already turns. Williams R% still hover around the overbought area; however, it’s just a matter of time. Standard Deviation is going up, it is understandable because the price is going to have a big wave soon.
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