looks like the monthly chart has gone into a higher tighter channel which generally means some, or a lot, more upside
padu you disappoint me lol... you are a great reader of the market. but.. you don't really need a 'channel' to see this? also if you use log instead of linear scale it's still just a smooth rise.
100% of the drops on your graph are preceded by a "higher, tighter channel"... Post-hoc predictions.... If only reality was that flexible.
not by a tighter higher channel. by overextension. and just overextension, does not mean it is going to reverse ,even for a correction. you need some good selling and that is not in evidence on monthly charts or even on daily charts just because a market goes up does not mean it is overextended......it is the manner it goes up, that makes it over extended or not. a market can be over extended after 5% or it may not be overextended after 2000% you must understand the difference. and I am talking longer term trends not your novice elite trader scalping opportunities.
you need a selling signal and none is present. you can short anywhere …..I am not talking about trading opportunities and it is making new highs on monthly
I am used to normal charts but acceleration is not bad. it is a short squeeze and we are probably taking off. I only see denial here and that is perfect for a huge fast rise
PMI came in with a terrible reading. Macro is changing? What do you think drives the daily candles? Short term, doesn't look great.