I'll be brief, but this removes all doubt, for me personally. I've been watching this develop for years.
It's a long-term weekly chart, so up months like July and August are irrelevant.
What does a market bottom look like? From the 2009 lows, we began making successively higher highs with greater and greater momentum, as indicated by the RSI. That is bullish. Anyone shorting at that point was doomed.
What we have been developing over the last few years in this broadening top is a series of successively higher highs with weakening momentum. And to make matters worse (and this is the key to the broadening formation), at each new low, you can see that it coincides with greater momentum, meaning we are to continue to expect even lower lows down the road.
Now, there will be some day in the future when we make a new low with less momentum and while that may not pinpoint the low, it will alert us to the fact that we are getting close.
It's a long-term weekly chart, so up months like July and August are irrelevant.
What does a market bottom look like? From the 2009 lows, we began making successively higher highs with greater and greater momentum, as indicated by the RSI. That is bullish. Anyone shorting at that point was doomed.
What we have been developing over the last few years in this broadening top is a series of successively higher highs with weakening momentum. And to make matters worse (and this is the key to the broadening formation), at each new low, you can see that it coincides with greater momentum, meaning we are to continue to expect even lower lows down the road.
Now, there will be some day in the future when we make a new low with less momentum and while that may not pinpoint the low, it will alert us to the fact that we are getting close.