Everyone is getting really excited about that hard bounce off the top of the last consolidation. Great place to take a scalp, no doubt. But if you want to swing for new highs.. it might be best to wait for this crowd to get stopped out on the next leg lower.
How do I know the crowd hasn't been flushed yet? Volume profile.
That red line is the price where the most volume has taken place after the last breakout. In a recent uptrend this typically indicates those transactions are emotional buyers.... those need to be flushed for us to go higher. Currently the best bid would be at 2570... that could change to 3400 ... but as of right now, real support is WAY lower.
Disclaimer: This is NOT trading or investment advice. This is simply my opinion to be used for educational purposes only. If you decide to trade you are doing so at your own risk.
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Happy Hunting