PRZ confluence

Confluence at the 1282.50 area for potential reversal here. It is both a.786 and a .886 fib level. 6000V shows divergence but higher timeframe charts do not show a reversal pattern as of yet. 8min chart still quite bullish looking. Price action is very strong to the upside. Pullbacks are shallow. 8min chart shows lots of daylight. Sometimes it takes a while for the charts to turn ... its like turning the titanic ... it will take time. 8min chart candles finally showing weakness at the PRZ level. First we had topping tails into the 1282.75, then doji for hesitation, then a red candle. Potential support at the .382 fib of 1280.75. Potential wave count is an ABC into .786 for butterfly type of pattern (off the 1270.25 low).

We found support a the OP, and no sell pattern off the 120min; the market powered up to test the 1286.00 high. Should go higher based on the daily chart.