Well I guess now we have proof. If we compare the current uptrend against the ones of the past bubble run up from January to April, you can clearly see that this one has taken up steam much quicker and is almost as steep already as the last bubble was during its last days.
What I did here is the following:
- I set the chart to logarithmic and determined the uptrends by connecting the candle body bottoms of 2hr charts from both the current rally and the past bubble in Spring.
- I then took a snapshot of my screen and analyzed it with Photoshop's Ruler tool, that also gives you the angle of any given straight line. This way it was easy to determine the angles of the uptrends as they got steeper and steeper with time.
- By this measure we can compare all trends in this chart with one another.
So what does this chart tell you? Did you think those trends were steep? Check out the Linear chart: