Oscillator gives us a Sell Signal or Sell Warning – which has in the past warned that price may only make a token new high before selling off.
It is important not to think of that as a short signal until we see a confirmation signal such as a move below the mid-point or a short-trigger (8/21 crossover), but does allow us to consider entering an OTM call credit spread as a hedge.
Today's action brings us back within easy strike of the all time high again and yesterdays low held (for now). All good signs that the price structure is now following the split centre (blue).
We should then theoretically grind higher into september 17, pullback into the 23rd, and maybe higher into the 30th.
