Parabolic moves demand patience, and this chart is a textbook example. The vertical price action shows aggressive buyer pressure, but short-term momentum is heavily overextended. I am not interested in buying the top here. I want to wait for the market to digest this move and form a higher low, ideally around the previous structural support, before stepping in.
EP
$1,290 - $1,310
TP
$1,340
$1,380
$1,420
SL
$1,260
A sustained hold above $1,320 could trigger another leg up as shorts get squeezed. A decisive breakdown below $1,280 would indicate the parabolic structure is failing, likely leading to a deeper retracement.
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