We're currently still inside a steep bullish channel, after the meteoric rise up.
We had a small Bull Pennant ongoing still last week (the white lower trendline) which broke to the downside.
Since the bear break of that Bull Pennant, the bulls have turned it into a channel. => A bullish break of that channel doesn't necessarily have to lead to higher highs, but it can rather smoothen towards a sideways range, instead of going deeper into the channel.
If we look at the Weekly, we can first of all see the RSI cooling down, which was going towards 95 and was not sustainable as I had published 2 times.
We can only see a big fat bull pole. => The bears didn't even have enough room to consolidate yet so that we could be seeing a meaningful pattern forming.
Therefore, the consolidation picture on the Weekly is still out.
So far, the probability of a bullish continuation is very high.
We had a small Bull Pennant ongoing still last week (the white lower trendline) which broke to the downside.
Since the bear break of that Bull Pennant, the bulls have turned it into a channel. => A bullish break of that channel doesn't necessarily have to lead to higher highs, but it can rather smoothen towards a sideways range, instead of going deeper into the channel.
If we look at the Weekly, we can first of all see the RSI cooling down, which was going towards 95 and was not sustainable as I had published 2 times.
We can only see a big fat bull pole. => The bears didn't even have enough room to consolidate yet so that we could be seeing a meaningful pattern forming.
Therefore, the consolidation picture on the Weekly is still out.
So far, the probability of a bullish continuation is very high.
Q.E.D.