In the bigger picture,theres a few patterns possible
Trying to see what the current pattern is doing, in Elliott wave terms, there are a few different possible patterns.
One is that the peak yesterday in the "breakout" thru the 4.50 resistance represents a completed 5 wave pattern that started at the 3.87 pivot low. and todays pullback represents wave 2, or wave B.
The other possible elliott wave count ,would be to count the wave from 3.87 to the peak at 4.59 as Wave 1,or wave A, followed by the sliding pullback to 4.28/4.30 as a Wave 2,or B....and now the rally yesterday as the first segment of a larger wave 3 that ,in 5 waves would target the 5.35 area as wave 3, followed by wave 4 and then wave 5 to target the 5.75 area and the 200ma
"Sell the high has been working", over simplification. It's easy to say and easy to call in the past, but very difficult to identify a sellable high as it's happening unless one has access to L3 and knows the game plan, which is what the MM's have.
Retail that follows this advice blindly will at some point find themselves chasing a runaway uptrend.
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