So we are at the 62% Fibonacci retracement of the last major swing to the downside that started over 3 years ago.
Here is what I see. We are overbought, we are at key resistance, and the bulls are overly bullish. That being said, there is no reason to try and fight the tape for now. A nice hard gap up that fades just as hard could signal the start of a decline, but whether that decline is just a pullback (probable) or the start of the next super leg down (not nearly as probable) will have to be measured as it unfolds.
