The chart does seem overextended, but I view it as a return to normality rather than panic selling.
It's an overdue correction of an extended market.
Notice the change in colour on my graph from blue to white a few weeks ago, which warned us about the decrease in bulls' power.
Key points to watch for
The first line of defence - $114
The second line of defence -$98
If you break the second level you are entitled to panic, until then look for other opportunities in the market. They seemed to be plenty now.
If you want the indicator described, send me a message.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.