In addition to, the weekly RSI5 is now at 22, and such low readings throughout prior Bull markets coincided with vital bottoms: see the vertically dotted inexperienced traces in Determine 3 above. Lastly, the MACD made the next excessive in December 2024 in comparison with March 2024, confirming the upper costs (dotted inexperienced arrow). We might want to see non-confirmation, i.e., destructive divergence, like in 2021 (dotted crimson arrow) to sign a bigger prime is in place.
Thus, given the extremely destructive sentiment readings, oversold technical indicators, the 4 phases, and our most well-liked EWP depend, we concluded {that a} new Bear market has not but began however that the present decline is a correction inside a extra vital uptrend ending later this yr, concentrating on $148500-185640, with an excellent of ~$166.7K.
