This is not about TA. We are off the rails. The entire world is being repriced and the market has been telling us this for over a decade. That's right. Look at the chart.
The all-asset class meltup is real. We've watched analysts trip over themselves for years trying to explain away valuations and attempt to come up with an explanation for the market's behavior.
It's not the market. Price discovery is not broken, but it is telling us something...
When nothing is measuring correctly ---> check the ruler.
2 months later I notice that this wasn't the chart I intended to post here. I think it was the Nasdaq since 2008 (but I could have used any equity index over that time frame). The melt up is real.