Price is clearly trending down now on both the $0.50, 5 day Avergage True Range (ATR) as well as the $1.00, 15 day ATR. Support from the 60 period Simple Moving Average (SMA) has been lost on both intervals. It is of note, the largest spike on the CCI, came to the upside, just prior to the all-time high. It is important to remember that hooks from extreme do not always signify a reversal in trend. Sometimes they signify that amount of pure force that is behind the current trend, and its relentlessness in attempting to climb higher through strong resistance. That is ultimately what played out here on the 15 day ATR. The spike to extreme, beyond 200 level CCI, following the new high, was a more common selling opportunity as Market Makers attempted to 'shake out' remaining shorts just prior to the looming move to further lows. Price closed on the extreme on both inteval ATR's at -200.
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