Here you can see a great analog for the Re-Accumulation After Decline argument for Bitcoin VS the Distribution structure.
You can see how S&P became over heated before suffering a sharp reaction and forming a new accumulation range before continuing on its bull run.
Comment
⋅
The structure is still valid. Are we in Phase D? Lets see if we can hold this trend upwards
Comment
⋅
Looks like this played out very well.
We are seeing shortening of the thrust now as short sellers are probably in disbelief and are expecting a reversal. Absorption of supply on the way up so far.
Lets see how deep a pull back comes and if we are to see anymore aggression in demand to give us some continuation.