No, the money printer just needs more toner. They have not turned it off.
Standing at the current junction, from a monthly chart perspective all is well for continued consolidation around these levels until price is ready to take off.
On the daily price is still ranging forming the larger flag, albeit in notoriously choppy fashion. No reason at this point to say...
Update to the original post.
Price pushed up more impulsively for the first wave than originally expected, so the pullback down to 1817 should be sufficient to generate fuel for the next push up.
Today's intraday fed-induced short-covering seems like a spark for another push.
Same Idea, just looks like they wanted to grab some more buyers with a higher high.
Sentiment should be nearing highs considering the vaccine news. The media shepherds should start making their way over to the panic cycle which I'm predicting runs through q1 2021.
We have not yet broken trend so...
1. Price breaks the previous highs in the 1818 range
2. Price pulls back (ideally in a flaggish manner) to form a higher low than late November
3. Price breaks above the high formed at 1.
4,5,6. Price moves toward target levels. Look for levels to act as resistance from below and support from above.
EURGBP looking to take a long when we break and close above downtrend channel. The idea is invalid if we fail to do so.
This would likely go in hand with price divergences in other euro and pound pairs (ie EU strong GU weak, EJ strong GJ weak etc.)
VIX has remained relatively elevated since the first wave of covid-19 liquidations. While the S&P 500 has managed to reach new highs, the Vix is still well above its pre-covid lows.
I'm seeing a setup for a long, should we break key downtrend line and price resistance at approximately 38.3. Should it play out, the timeline would be within the next few weeks...