My hunch is that there is not much room to run to the upside without hitting the Bollinger band in a day or two. In other words, moving averages are too far from the price, so either the price must come down (correction in place) or the MAs must go up (correction in time). Because we are in a corrective move since October, a correction in price occurs more frequently, as an observation.

I was fooled by this pattern myself while still expecting a retest of EMA 9 at least before going higher. Possibly EMA21 for a buying opportunity and a swing trade to the upside.