Good afternoon, traders.
Well my hopes for some rangebound conditions didn’t last long. We stayed rangebound only for a couple of days, but that turned out to be a consolidation before today’s possibly final, nearly parabolic squeeze.
In the process of that, we’ve produced a series of triangle-like structures, which is remarkable because we did exactly the same thing on the way down.
We did not produce very good bear flags on the way down, and now we’re not producing any good bulls flags on the way back up. Both moves were in too much of a hurry.
Another technical I can point out here is the we’ve arrived back at the early August gap:
And finally, we have all but reached this major trend line, too:
And that trend line, I still believe is part of the large structure I think is unfolding, which I discussed in the 4th chart of this article from last week.
I hope everyone has a fine evening, and I hope the bears are hungry because I think they’re about to eat.