DislikedHere's one of my charts supporting this.... whenever the extremes of this band is hit the pair always retreats towards the centerIgnored
Here is my chart, which entails that after we break that first support at 227.30, which won't be too difficult in my opinion, that 225.00 is the final support and I doubt it would be breached. This gives way to the opinion of more upwards movement after the retracement to this area. This is on the 4 hour chart.
My daily chart also coincides with a retrace being needed as we are facing resistance at the level we are currently at. I don't believe that it can be broken before we have the retracement to gain the buyers to push price higher.
My reasoning that we will have this downwards movement sooner, rather than later is that both charts are coinciding with each other at this level. With that, I think that it will cause an immediate failure- probably after the day's close and interest buyers, along with the DOW, go out of effect.
I dream, therefore I become.