On the Monthly chart the has made a event during the previous on April 2013 and November 2013. This was the 2013 uptrend's phase of Enthusiasm, Greed, Delusion and New Paradigm that eventually paved the way for the blow of the bubble stage and led to the 2014/ 2015 bear cycle. The made a bottom sequence on that bear cycle within January - September 2015 where retail investors hit the despair phase but smart money and institutional investors started accumulating.
Similarly in the most recent (current) cycle, the made a on August 2017 and December 2017 and last month (Dec 2018) hit the support of the previous cycle's accumulation phase. Based on the above parameters we can assume that this is the current "despair" phase for retail investors and the start of the accumulation phase for smart money and institutions that sold the 2017 .
The conclusion is that a bottom has been formed (always based on that model) and a prolonged consolidation period is ahead until the next bull run.
Have a look at some of our previous studies that are linked to the current chart:
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