Is, I think, either:

a) Building out a H&S

or

b) Building out an expanding triangle.

As of now, I think b is most likely. Rally continues up to a new high, point 5 on 2nd chart, then declines to point 6.

*If* this scenario occurs, question then would be whether price starts building out another reversal point at 6 or continues its

decline. Also, a new high at 5 combined with continued bearish divergence on chart 1 between price, RSI & MACD would make it

*highly* probable price is going to fall back to point 6 IMHO.

 

[Edit: Potential “Full House” of bearish divergences building out on the weekly]: