Price continues higher, holding above both the 60-day and 250-day EMAs, but momentum is fading:
RSI + MACD divergence
Open interest down by 500k (CFTC report) - w/c 23rd September.
Shorts likely getting squeezed = price up, participation down.
Elliott Wave count suggests we're in the 5th wave of the 3rd impulse — still bullish, but a Wave 4 correction could be next.
📍 Key level to watch: 5,481 (re-entry into Wave 1 territory = count invalidation)
RSI + MACD divergence
Open interest down by 500k (CFTC report) - w/c 23rd September.
Shorts likely getting squeezed = price up, participation down.
Elliott Wave count suggests we're in the 5th wave of the 3rd impulse — still bullish, but a Wave 4 correction could be next.
📍 Key level to watch: 5,481 (re-entry into Wave 1 territory = count invalidation)
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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.