Click for a larger image
A.) Prices gapped lower at the open
B.) Prices tried to rally but ran into resistance at the 10 minute EMA
C.) Prices again tried to rally but ran into resistance at the 20 minute EMA
D.) Prices again tried to rally but they couldn't move beyond the 50 minute EMA.
E.) Prices moved lower at the end of the day on high volume
Click for a larger image
A.) Prices have moved through two trend lines and EMAs on high volume.
Let's do some basic math. Prices topped out at around 108. A 10% correction would take prices down to roughly 97.20. Here is a chart that shows important technical levels on the way down:
