Reason: Potential Triangle wave (B)
It seems probable that from the April 1 high the sideways corrective action has formed a contracting pattern. So far we have lower highs and higher lows, which often results in a Triangle.
If this is the case price is now involved in establishing the last wave (e). There is no indication yet that the assumed wave (e) is already in place although more often than not the final wave of a Triangle bottoms above the lower trend line. Ideally if today we have a gap down with a test at the 50 dma followed by a reversal it would give us a nice R/R set up with a stop below 61.33.
If the Triangle pans out the theoretical target of the following thrust wave (C) is located at 71.90.