Some reasons why are posted on the chart. First of all, the descending , which we are very close to the end of, is . The 3 divers pattern, which is not explicitly shown here, is also . The moons appear to be as well, with the bottoms of the highlighted fractals occurring during a and a possible shortening of the time frame to go along with the tightening range of the descending , as shown by the numbering of the moons.
With that said, I can't leave out the possibility of a slow decline toward the end of the that drags out for several more weeks, but it appears that there is far more upside than downside in the market right now, especially with the USD showing signs of topping out. Although more downside is possible, this may be a good time to accumulate a partial long position in anticipation of the breakout and save the rest for reactionary trades.
I'm optimistic for the future, so I'll be looking for a place to long in the relatively near future.