Consider the Fibonacci retracement levels in regard to weak momentum/pullback.
But, focus on the relevant detail : the exceptional low volume !
Last time, such low volumes have been met, was in... 2013 !
you sent me a message commenting on my time cycle chart, i am sorry for not answering to your message-i just didnt notice this feature yet.
(and i found out i cannot use it as basic user--thats why i am posting this here)
the time cycle chart is not super precise (i does not follow any formula, i just tried to find a certain amount of time(duration, that would correspond with swing highs, or lows). my obsevation is that i takes some time till the market is willing to change direction, most of the time obvious events, like fed meetings, elections etc. can trigger this, but most of the time the reaction to it is what matters (sometimes there is enormous reaction to little events and vice versa...) best trading, yours martin (ps. i like your charts)
Thank you very much for your detailed answer and kind words :) !