A consolidation or a trading range between 278 - 291 in on and break down would be severe.
Week Chart:
A Symetrical triangle is formed by the Long Term Trendline and the resisting Trendline. Breakdown of 278 - weekLema and Long term Trendline would initially bring down to 265 levels - Contracting triangle. Break down of Contracting Triangle would drag down near 250 levels.
This view is supported by the Wolfe Wave formed in Day Charts.
WOLFE WAVE CHART:
If the Point 4 is considered at 4.a i.e 271.8,
then the point 6 would form near 270-265 levels.
If Point 4 at 263 is considered then point 6 would be formed
well below 250.
Day Chart:
A good trading range between 278 - 291 and an EOD close above 200 DMA would warrant caution in Long positions.