We are in a period of remarkable similarity to June 2015The green period sets the tone for the next few periods. A sharp drop characterized by an immediate and sudden bounce higher ending with concave summit.
The red period sets the tone for a small retracement but then another leg up. This period ends with a high degree of consolidation and relative quiet.
The blue period is where we are now and the sequence of events is very similar to June 2015. This period is characterised by further consolidation but with a bearish bias... as we have see so far this month. The MACD also demonstrates the similarity with both periods signalling falling and increasing momentum.
If this pattern continues plays out, there may another small increase in the price however it will be following with a very drastic fall.... possibly even harder than in 2015. By my estimation this playbook will take another month or two to complete.
