This massive push up yesterday wasn't expected. Didn't see that coming at all. My view is now neutral to only slightly bearish. The possibility to hit some insurmountable resistance on our way up an fall back down is certainly there, but it gets weaker after we break $8400, and more so after $9100. But right now we could also get rejected... in that case it looks like we might form a channel down. Also, since we can use either logarithmic price-scale or linear price-scale to chart, patterns turn out differently. Since we have retraced around 75% of the ATH, that's a big move that warrants using log-scale. So drawing the down-trend line from dec. 17 until now can be done on both types of scale and turn out placing resistance at different price points. In my (linear) chart, the linear trend-line is pink(-ish), but I have also added the place where the log-scale trend-line would offer resistance in red.
The EW count is basically the same as in my previous charts, but the last E-wave is shortened considerably if we don't go down soon. -> Bullish scenario. See below for my previous chart... which still stands... kinda.
The EW count is basically the same as in my previous charts, but the last E-wave is shortened considerably if we don't go down soon. -> Bullish scenario. See below for my previous chart... which still stands... kinda.
Guess what... we are actually below it, and it getting REJECTED from it!