Not saying this will happen, just that it could very easily do this before it collapses.
Indicators are overbought and suggest sell imminent, but these can fake you out, a small pullback could provoke the vertical spike.
All the gamma is gone positive and rolling up the callwall 100 pips could release the kraken on Friday 31st.
Most ultimate ATH have a parabolic blowoff peak, the sideways move for past few days could be prep for it.
Just imagine if you plunge in whole hog and buy 1K puts now, what you would look like after a move like this... be carefull!