Prices shooting higher and then falling is a sign of distribution and selling into strength. This sometimes occurs before a price breakdown. Yesterday’s report cited a 70% chance of prices going lower into September. I would bump that number up to 76% today. I’m selling my short-term positions at these levels.
If prices convince me they can breakout to the upside; I’ll buy them back. But for now, I think it prudent to stand aside until things clear up. Note: These are just my short and medium-term trading positions. I always keep a core position that I won’t sell until I think the bull market is over.